Cryptocurrency
Crypto P2P scams in India show digital asset education is needed

Peer-to-peer (P2P) cryptocurrency trading has been a staple of the cryptocurrency community since the industry’s early days.
P2P trading refers to the direct exchange of cryptocurrencies between two users without the involvement of intermediaries. P2P exchanges link buyers and sellers while also adding an extra degree of security through an escrow service. Some of the key advantages of P2P over centralized exchanges include global accessibility, a variety of payment alternatives and no transaction fees.
Furthermore, P2P marketplaces have become crucial for crypto traders and enthusiasts in jurisdictions where governments are hostile to formal cryptocurrency exchanges and service providers.
In India, they became a lifeline for many crypto traders when the country’s central bank issued a banking ban on cryptocurrency businesses in April 2018.
Although the banking ban was eventually lifted by the Supreme Court in March 2020, P2P platforms continue to play a crucial role as banks remain sceptical about offering services to crypto exchanges due to a lack of regulatory clarity.
During the bull market in 2021–2022, India saw a significant surge in crypto trading volumes and crypto platforms, prompting the government to take notice of the nascent ecosystem.
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While industry leaders demanded a comprehensive regulatory framework, which has been under development since 2019, the Indian finance minister announced a 30% tax on crypto profits in 2022.
The heavy tax, in addition to the continuing lack of regulatory clarity, has been the bane of the budding Indian crypto ecosystem, deterring Indian investors away from the market.
While mainstream crypto exchanges struggled, P2P platforms saw their volumes skyrocket.

How P2P scams happen
This rise in P2P trading volume also led to significant uptick in P2P scams. These scams often use stolen banking data or lure customers with fake promises of high profits and then use their banking information to scam P2P users.
Earlier in July, two people were arrested in the Indian city of Ujjain in connection with a Binance P2P scandal. The police recovered several fake bank accounts, ATM cards and documents from the accused, who were allegedly buying fake IDs and personal data for 1,500 Indian rupees ($18) in order to scam users of Binance P2P.
Two Accused In Binance P2P Scam Arrested In Ujjain, India
Two accused of scamming people on #Binance P2P arrested by police in Ujjain, India. Many fake bank accounts, ATM cards and documents are seized from accused
The accused used to buy Fake ID Proofs and personal data… pic.twitter.com/Nt5GxhVmio
— Ajay Kashyap (@EverythingAjay) July 11, 2023
One way P2P scammers steal user data is with the help of fake crypto-centered channels on Telegram that promise high profits or airdrops. Many gullible users looking to make a quick profit often join these channels and share their personal banking information. In many other cases, the scammer simply buys or steals the user’s personal information.
The stolen data is then used to create a P2P account on any popular P2P platform — Binance and WazriX are common in India.
The scammer then initiates a buy order on the P2P platform looking for unsuspecting sellers. Once they match with a seller, they send the money to the seller using the victim’s account. Thus, they complete the P2P transaction on the platfrom where the buyer receives the cryptocurrency and the seller receives the money in their bank account.
The buyer (scammer) then vanishes with the crypto and the victim whose bank account was used to send the money only realizes it after the money has been deducted from their bank account.
The victim then lodges a complaint with the police whose first step is to freeze all bank accounts that the victim has interacted with during the scam phase.
This action from the police triggers an extended account freeze for unsuspected sellers of the P2P platform who only realize they were involved in the scam after they get a call from the police or their bank informs them that their account has been frozen.
In one instance, a seller, who wished to remain anonymous, received a “bank account frozen” message while trying to pay for a taxi. After contacting the bank, the seller learned that the halt was requested by the police’s cyber division responsible for looking into online crimes.
When the seller then followed up on the complaint with the police and enquired about the freeze on the account, they were met with threats of legal consequences from the Enforcement Directorate, India’s economic intelligence agency, for a $40 P2P completed transaction on WazirX in October 2022.
The police complaint was filed by a woman who was scammed out of $30,000 between September 2022 and June 2023. The police started the investigation and froze every bank account that interacted with the plaintiff’s accounts during the mentioned time frame, including the sellers for the October transaction.
The seller tried to explain to the police officer that they had successfully completed the P2P transaction and thus have no role in the scam. Despite this, the police ignored their claims, erroneously claiming that crypto transactions are illegal and stating that they must pay the complainee $40 or face further legal action.
With no other options left, the victim eventually paid the $40 amount to the plaintiff’s account after which the police released an order to unfreeze the account.
The police did not respond to Cointelegraph’s request for comment.
The bank account restrictions limit unsuspected victim’s access to cash, and the complexities involved in getting the issue fixed are significant. The seller — who often is also unaware of the scam until the last moment — could be subject to a legal investigation or be required to provide evidence.
Problem using P2P in India still continues. @cz_binance do something. @TheOfficialSBI Got my account frozen. pic.twitter.com/Y6By4l5RGy
— Balamurugan Lakshmanan (@balamurugankl) July 11, 2023
There have been several instances of such P2P scams over the past year where victims noted their fear of authorities, with police often threatening legal actions. The anonymous seller told Cointelegraph that their account was frozen with 50,000 rupees in it, adding that they are very afraid of how to approach authorities and whether they would face legal consequences.
Some advise against P2Ps
Due to a lack of clear guidelines around crypto-related crimes and a lack of understanding of the technology underpinning cryptocurrencies, police investigations often start with freezing the accounts of anyone involved in the situation.
Pushpendra Singh, a prominent crypto personality and educator in the Indian crypto ecosystem, told Cointelegraph that scammers take advantage of the police’s ignorance of how crypto works:
“What these scammers do is they often use platforms, such as international Binance platform, to evade investigation from the Indian authorities, as it becomes quite difficult for the authorities to demand documents from such international platforms. Scammers then take the stolen USDT to Trust Wallet or any other non-KYC’d platform to avoid being tracked. While scammers get away with the money, both buyer and seller in the transaction face financial and legal consequences.”
Singh said that Indian police need to be actively trained on how these scams work. He noted that the “lack of awareness around the nascent tech also leads to victim harassment where many victims are often told by the police that crypto transactions are illegal in India.”
P2P scams have become very common and concerning to the point where the majority of crypto experts in India have now asked traders to avoid P2P trading. Sumit Gupta, CEO of CoinDCX — a major crypto exchange in India — said crypto traders should avoid P2P transations.
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He said that many people in India got a notice from various government authorities just because they unknowingly sent money from someone who wasn’t the right person to deal with.
Guys, P2P is extremely risky. I’ve been telling folks to avoid using any kind of P2P platforms, it’s an open invitation to trouble.
I know so many people in India got notice from various govt authorities just because they unknowingly sent INR or received INR from someone who… https://t.co/3CoyceiPwP
— Sumit Gupta (CoinDCX) (@smtgpt) April 28, 2023
Other crypto personalities have urged traders to be vigilant and make sure the P2P account one is interacting with has a good history.
What started out as a crypto revolution has turned into a weak spot for the Indian crypto ecosystem.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Cryptocurrency
NEXST Launches Web3 VR Entertainment Platform with K-Pop Group UNIS as First Global Partner

[PRESS RELEASE – Dubai, UAE, July 7th, 2025]
Revolutionizing fandom with AI, VR, and Web3 technology
Leading the next wave of immersive digital entertainment, NEXST proudly announces the launch of its groundbreaking VR division, powered by cutting-edge AI, VR, Web3, and Real-World Assets (RWA). The platform’s first major collaboration features rising global K-Pop sensation UNIS, making their virtual debut in a revolutionary new format.
As a next-generation AI-driven entertainment platform, NEXST is on a mission to reshape how fans connect with artists. With immersive VR content, real-time interactivity, and digital ownership through Web3, NEXST offers fans an entirely new way to experience music and storytelling.
“We believe the future of entertainment is immersive, decentralized, and artist-centric,” said Axel Gutman, Co-Founder of NEXST.
“Welcoming UNIS to the NEXST VR LIVE platform is just the beginning. We’re excited to announce more collaborations with global artists and top K-Pop stars in the coming months.”
Introducing NEXST VR LIVE: Immersive Web3-Enabled Experiences
NEXST VR LIVE is a dedicated division focused on creating immersive XR experiences using Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR). This initiative bridges globally famous artists, beloved IPs, and interactive VR environments—seamlessly integrated with Web3 technology.
Key features include:
- Virtual concerts and performances with world-class artists
- Interactive fan experiences powered by AI
- Web3 integration that allows fans to own, trade, and participate in the entertainment economy
- A smooth Web2-to-Web3 transition for mainstream fans
Inaugural Artist Announcement: K-Pop Powerhouse UNIS Joins NEXST VR LIVE!
Kicking off the launch is UNIS, the powerhouse K-Pop girl group formed through SBS’s hit survival show UNIVERSAL TICKET. Since their 2024 debut with WE UNIS and breakout single SUPERWOMAN, UNIS has captured the hearts of fans worldwide with their energy, vocals, and fierce Gen Z appeal.
By partnering with UNIS, NEXST taps into a vibrant, global fanbase—helping transition millions of Web2 music fans into the Web3 world.
$NXT Token: Powering the Web3 Entertainment Economy
The $NXT token powers the NEXST entertainment platform with real-world and digital utilities that enhance fan engagement, access, and ownership.
- Exclusive Access: Unlockig VR concerts, discounted live tickets, VIP events, and early content drops.
- AI & Fan Interaction: Accessing premium AI agent features, advanced LLM tools, and participate in artist growth via fan voting.
- GameFi Rewards: Earning $NXT through gameplay, unlock in-game NFT items, and receive exclusive airdrops.
Details about the $NXT will be released soon via NEXST’s official social channels.
The Road Ahead: NEXST’s Vision for a Connected Future
NEXST will continue to push the boundaries of innovation by integrating AI, VR, and Web3 technologies across various entertainment domains, including music, live performances, and fan communities. Following UNIS, we aim to deepen collaborations with a diverse array of global artists and IPs, consistently delivering next-generation entertainment experiences that foster deeper connections between fans and artists.
We invite you to anticipate more groundbreaking events, collaborations, and updates as we collectively build the future of entertainment.
About NEXST
NEXT INNOVATIONS TECHNOLOGY L.L.C is a cutting-edge entertainment platform developer based in the UAE, dedicated to pioneering next-generation digital experiences.
Staying Connected with NEXST
About UNIS
UNIS is an 8-member South Korean girl group formed through SBS’s survival audition program UNIVERSE TICKET. After debuting on March 27, 2024, with their first mini-album WE UNIS, they have remained highly active, releasing their first single album CURIOUS in August of the same year and unveiling SWICY in 2025. Since their debut, they have continued to expand their global presence through various music shows and events.
UNIS Official Channels
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Cryptocurrency
We Asked Gemini, ChatGPT, Grok Where Cardano (ADA) Will End 2025: The Verdict Will Surprise You

TL;DR
- With bitcoin sitting close to its all-time high of almost $112,000, the general perception among traders and investors is that the bull market is still going on.
- As such, we decided to ask a few of the biggest AI solutions (Grok, ChatGPT, and Gemini) about one of the most popular altcoins – ADA, and its market potential this cycle.
How High Can ADA Go?
Unlike our similar article regarding XRP, the AI solutions provided more skeptical and, in some cases, bearish price predictions for ADA. ChatGPT, for example, warned investors not to anticipate fireworks from Cardano’s native token by the end of the year, stating, “Expect ADA to float in the $0.55-$0.65 range early in H2.”
Its most aggressive scenario envisions a price surge to somewhere between $1-$2, but said it’s not very likely the asset will go this high. Additionally, it cautioned users that if market support falters in the following months, ADA can drop well below its current levels of around $0.6.
Grok was slightly more bullish on the token’s future price trajectory. Its most realistic price range by the end of the year is “likely between $0.9 and $2.05, with an average around $1.21 and $1.48 if key resistance levels (e.g., $1.1) are breached and market conditions remain favorable.”
It touched upon some of the most extreme predictions circulating online, such as ADA at $7, but labeled them as “less credible without unprecedented adoption.”
Gemini described the overall market sentiment toward Cardano as “cautiously optimistic.” However, it warned that its price could struggle for the next few months and end the year at $0.55, which would mean a lower level than the current one.
What Would Drive This Volatility?
Although their price targets for the end of the year differentiated, the AI solutions were united in terms of what could drive the price gains or losses.
If ADA is to surge toward the most bullish zones outlined in the previous paragraphs, certain factors need to be aligned, ChatGPT, Grok, and Gemini said. One of the most important is the potential approval of a spot ADA ETF in the US. The current odds, according to Polymarket, are above 80% for a green light, and several companies have filed to launch such financial vehicles.
If approved, they can attract significant institutional interest, which would be a price booster. Other factors that could send ADA higher include technical upgrades, such as the January-implemented Plomin, which introduced a more sophisticated on-chain governance procedure, expanding the blockchain’s DeFi capabilities, and the overall market structure.
However, the AI chatbots also indicated that regulatory uncertainty, ecosystem stagnation, or broader market downturns could cap ADA at $0.6 or push it even lower. Consequently, the trio warned that investors should do their own research and not rely solely on AI-based predictions.
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Cryptocurrency
Ethereum Price Analysis: Is ETH Primed for Further Gains After Surge Past $2.5K?

Ethereum recently broke above the 200-day moving average and completed a pullback; however, the lack of strong bullish momentum suggests a higher likelihood of continued sideways consolidation.
Technical Analysis
By ShayanMarkets
The Daily Chart
After a period of consolidation between the 100-day and 200-day moving averages, ETH successfully broke above the 200-day MA at $2.5K, followed by a pullback. While this move is typically viewed as a bullish signal, ETH has failed to demonstrate strong follow-through, indicating weak market participation and insufficient bullish momentum.
As a result, the likelihood of continued sideways consolidation has increased. Currently, the price remains trapped between the 200-day MA and the critical $2.8K resistance level, with a decisive breakout in either direction needed to establish the next major trend.
The 4-Hour Chart
On the lower timeframe, Ethereum’s recent rally was halted at a key bearish order block between $2,625 and $2,670, a zone that has consistently attracted selling pressure. The rejection has led to a retracement toward the $2.5K support level — a historically significant zone where buyers have previously stepped in.
As anticipated, ETH found temporary support here and attempted a minor rebound. However, the current lack of trading volume and diminished bullish momentum suggests the potential for another rejection at the overhead resistance. Until a breakout above $2,670 or below $2.5K occurs, Ethereum is expected to remain range-bound.
Sentiment Analysis
By ShayanMarkets
This chart presents the Binance Liquidation Heatmap, highlighting zones where significant liquidation events are likely to occur. These areas often act as liquidity magnets, attracting price action due to the concentration of leveraged positions. Large market participants, commonly referred to as whales, tend to exploit these zones to enter or exit positions efficiently.
Currently, a prominent cluster of liquidation levels is situated just above the $2.6K mark, suggesting a strong likelihood that Ethereum’s price could gravitate toward this region. If reached, it may trigger a short-squeeze, fueling further upward momentum and potentially propelling ETH toward new local highs.
Conversely, another substantial liquidity pool resides below the $2.5K level, implying the possibility of a downward move to tap into this zone. As a result, Ethereum remains confined within a tight range between these liquidity clusters, awaiting a decisive breakout to determine the next directional move.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
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