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
Ripple (XRP) Price Predictions, Recent Cardano (ADA) Developments, and More: Bits Recap June 13

TL;DR
- ADA is down for the day, but essential developments, such as whale purchases and ecosystem progress, can have a positive impact on the price.
- XRP trades near $2.14, with bullish targets ranging from $2.80 to $10, while Ripple’s case versus the US SEC nears resolution.
- ETH fell back to around $2,500. Analysts remain cautiously bullish, noting that $2,380 is a crucial support zone.
What’s New Around ADA?
Cardano’s native token suffered the negative consequences of the geopolitical tension caused by the conflict between Israel and Iran, with its price plunging by over 7% in the last 24 hours and currently trading at around $0.63.
Some prominent analysts on X took notice of the decline, warning that a further plunge could be incoming. Nebraskangooner, for instance, claimed that “the head and shoulders” price pattern is “potentially breaking down,” suggesting this could lead to a correction below $0.50.
However, some important developments that took place earlier this week indicate that all hope isn’t lost for the bulls. On June 10, Ali Martinez revealed that Cardano whales (those holders having between 100 million and 1 billion tokens) bought 120 million ADA in the span of just 48 hours. Back then, the USD equivalent of the stash was approximately $85 million.
Another bullish factor is the development of the Cardano ecosystem. A few days ago, the project’s founder, Charles Hoskinson, announced Cardinal – the first Bitcoin DeFi protocol on Cardano, which allows people to use BTC for staking and lending on the platform, with no custody required.
XRP’s Price Targets
Ripple’s cross-border token was also hit by the latest correction. It currently trades at roughly $2.14, representing a 5% decline on a daily scale.
X user CRYPTOWZRD noted that XRP’s performance is similar to other major altcoins, arguing that “anything is possible from this level.”
The analyst said the main daily support target is $2, claiming a bullish reversal to the $2.80 resistance level isn’t completely out of the question. However, it will heavily depend on a breakout above the daily lower high trend line.
Another industry participant who has recently touched upon the matter is the X user Cobb. Earlier this week, the analyst forecasted that XRP’s next leg “is going to be brutal,” suggesting the price could exceed a staggering $10 per coin.
Meanwhile, it appears that Ripple and the US Securities and Exchange Commission (SEC) are nearing an official resolution of their court dispute. Some experts, though, believe the eventual conclusion of the legal battle is unlikely to trigger any substantial volatility for XRP.
How About ETH?
The price of the second-largest cryptocurrency surged to nearly $2,900 on June 11, marking the highest level since February. Currently, though, it is worth around $2,500, representing a 13% decline from the local top.
Despite the downtrend, multiple market observers remain optimistic that Ethereum (ETH) is poised to reach significant peaks, and “no war can stop it.”
$ETH to $4,000 is programmed.
No war that can stop it. pic.twitter.com/jPAAeiFoEt
— TraderPA (@Trader1PA) June 13, 2025
The X user DevKhabib also chipped in, claiming that ETH “is still in a good area” despite the ongoing unfavorable conditions. The trader, though, expressed concerns about a potential plunge below $2,380, saying it has proven to be strong support for now.
Earlier this week, Ali Martinez opined that investors should turn bullish only after a sustained close above $2,750. Failing that, he projected a potential drop toward $2,500 or possibly as low as $2,380.
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Cryptocurrency
Trump Urges Iran to Sign Nuclear Deal Before ‘There’s Nothing Left:’ How Will BTC Price React?

US President Donald Trump said he urged the Iranian authorities to sign the nuclear deal; otherwise, the situation might escalate.
BTC’s price has already experienced substantial volatility after the initial Israeli missile strikes against Iran, but has recovered some ground and now stands close to $105,000.
Trump said on his own social media platform that he “gave Iran chance after chance to make a deal. I told them, in the strongest words, to “just do it,” but no matter how hard they tried, no matter how close they got, they just couldn’t get it done.”
The POTUS blamed it on a certain “Iranian hardliner” who spoke “bravely,” but noted that all of the top military personnel are now dead. Consequently, Trump urged the nation’s leaders to sign the nuclear deal once again, or the situation could worsen.
“The United States makes the best and most lethal military equipment anywhere in the World, BY FAR, and that Israel has a lot of it, with much more to come – And they know how to use it.”
He warned that the next planned attacks will be even more brutal and Iran should make a deal before “there is nothing left, and save what was once known as the Iranian Empire.”
Israel’s strike earlier this morning led to immediate price volatility across all financial sectors. While oil went up, the ever-volatile crypto market plunged, with BTC dumping below $103,000 for the first time since last Friday.
However, the asset has recovered some ground and now stands close to $105,000. Investors should be aware that more volatility is likely to follow if the tension between the US, Iran, and Israel further escalates.
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Cryptocurrency
Crypto Price Analysis June-13: ETH, XRP, ADA, SOL, and HYPE

This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.
Ethereum (ETH)
Ethereum began the week on a strong footing by testing the $2,800 resistance following a 10% rally. However, this suddenly came to a stop in the past 24 hours after Israel bombed Iran. The geopolitical tension pushed the whole crypto market down, and ETH erased much of its recent gains, closing the week with a modest 1% gain.
The price briefly visited the $2,400 support during its recent drop and is hovering around $2,500 at the time of this post. Hopefully, buyers will defend this support level as a breakdown here could open the way to $2,000 next.
With the market on edge due to the geopolitical context, volatility could continue to be high. So far, ETH has made a higher low, and on Wednesday, it made a higher high. This supports a bullish bias as long as the key support holds.
Ripple (XRP)
XRP reversed on Monday and turned bearish when it was rejected at the $2.3 resistance. With sellers taking back control, the last four daily candles closed in red, which brought the price back to the $2 support. This is why XRP closed the week in red with a 1% loss.
While this is not too concerning, the support at $2 has to hold if this cryptocurrency hopes to make higher highs later. The current momentum is bearish, but due to the low volume, sellers don’t seem interested in doing much more at this time.
Looking ahead, this cryptocurrency remains stuck in a tight range with low volatility. This has been ongoing for months, and there has been no decisive breakthrough to date. This is likely to continue to suppress the price.
Cardano (ADA)
ADA tried to distance itself from the $0.64 support, but in the past three days, sellers brought it back to this key level, closing the week with a 2% loss.
Ит struggled throughout May and June, and it has not been much better to date. This supports a bearish bias with momentum favoring sellers at this time. The daily MACD also turned bearish today which could put in danger the current support.
Looking ahead, if Cardano can’t hold its price above $0.64, then it could revisit $0.5 in the near future. This is a level where buyers returned in the past. Hopefully, they do it again if the key support is lost.
Solana (SOL)
Solana gave market participants a brief excitement when its price moved above $152, which used to act as a resistance. However, that did not last, and in the past three days, sellers returned and pushed it under $150.
With a lower low confirmed, the downtrend for Solana is likely to continue. If so, the next major support levels will be found at $130 and $118. The momentum indicators, such as the daily MACD and RSI, also remain bearish at this time.
If nothing changes in the days to come, which is unlikely considering the wider market context, then SOL has a good chance to revisit $130. This is a level that could attract buyers and lead it into a relief bounce.
Hype (HYPE)
HYPE made waves in the past few months, and this week is no different. It made a new all-time high at $44 and closed this week with a 15% gain. This makes it the best performer on our list and across most of the market.
This achievement also got HYPE next to ADA in terms of market cap on sites such as CoinMarketCap. If this performance continues, HYPE is well placed to challenge ADA or even TRX and DOGE in the future.
Looking ahead, HYPE remains in a clear uptrend with key resistances at $41 and $44, at the time of this post. The support level is found at $38, and the price bounced on it during its most recent pullback. If the rally continues, then expect new record prices in the future.
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