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Scams, memes and crazy money: Inside India’s crypto WhatsApp groups

Money Control · 1y

The surge in cryptocurrency popularity has led to an influx of Indian investors seeking quick riches. WhatsApp groups dedicated to cryptocurrency discussions are thriving, with members sharing investment strategies, memes, and predictions. Despite regulatory uncertainty and concerns about scams, many individuals have poured significant amounts of money into cryptocurrencies, especially Bitcoin and Ether. While some have profited, others have lost substantial sums. Scam projects have also been a concern, with investors falling prey to fraudulent schemes. Despite these risks, the allure of crypto trading and the hope of substantial returns continue to drive activity in these groups. However, experts advise caution, emphasizing the need for thorough research before investing in cryptocurrencies, which remain highly volatile and unpredictable.