India Orders Shutdown of 38 Fraudulent Crypto Sites Following Mudrex Legal Action

India court has ordered the closure of 38 fraudulent cryptocurrency websites after Mudrex reported that scammers impersonated their staff, duping victims out of potentially $50,000. The court’s decision aims to protect investors and restore confidence in the crypto sector.

In a decisive move to protect cryptocurrency investors, an Indian court has ordered the shutdown of 38 fraudulent cryptocurrency websites. This order, issued on August 23, mandates the Ministry of Electronics and Information Technology (MeitY) to close these deceptive sites within a week.

The court’s intervention came after Mudrex, a prominent cryptocurrency investment platform, filed a complaint regarding a series of fake websites impersonating their brand. Mudrex’s CEO and co-founder, Edul Patel, revealed that the company had received numerous complaints from approximately 15 individuals who fell victim to these scams. These victims reached out either through Mudrex’s customer support or by visiting their Bengaluru office to report the fraud.

According to Patel, the actual number of victims could be much higher, potentially around 1,000, with total losses exceeding $50,000. The scammers reportedly posed as Mudrex staff on various platforms, including Telegram, enticing investors with offers of rewards and job opportunities in exchange for tasks such as writing positive Google reviews.

Despite an earlier police complaint filed in Bengaluru on March 23, the fraudulent activities continued unabated. This prompted Mudrex to seek judicial intervention, leading to the recent court ruling.

The court emphasized that these fraudulent sites misled the public into investing money by falsely claiming affiliation with Mudrex. The ruling is expected to bolster investor confidence, particularly in light of recent high-profile security breaches in the cryptocurrency sector. Patel expressed hope that the court’s decision would reinforce Mudrex’s commitment to user protection and platform integrity.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)