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) News Today July 30th

The last few weeks have been quite turbulent for XRP and the company behind it. In this article, we will check the latest updates involving the two and analyze the token’s price dynamics.
Has the Ripple/SEC Battle Concluded?
The major developments in the legal battle between Ripple and the US Securities and Exchange Commission (SEC), more specifically, the company’s court wins, have left some with the expectation that the tussle is over.
Just recently, the American lawyer Bill Morgan said the regulator has not withdrawn its appeal yet. He emphasized that the Commission faces no formal deadline to do so, though it is required to submit a status update to the appeal court by August 15.
The legal contest refers to a court decision in 2023. Back then, Judge Analisa Torres ruled that Ripple’s sales of XRP tokens on secondary markets are not securities. The SEC appealed the ruling, while the company filed a cross-appeal, which was later withdrawn.
Earlier this year, the two parties jointly requested that the appeals be paused to allow time for a potential settlement. The court respected their wish but required the regulator to file a status report by mid-August. Many believe that if the SEC agrees to withdraw its appeal, it could mark the final resolution of the case.
To the uninitiated, it all started in December 2020 when the Commission filed a lawsuit against Ripple, accusing it of conducting an unregistered securities offering by selling XRP tokens. Initially, it sought a whopping fine of $2 billion, while years later, Judge Torres ruled a penalty of $125 million. Moreover, the SEC and Ripple shook hands on an even smaller sum of $50 million.
RLUSD Keeps Progressing
One trending asset within Ripple’s ecosystem is the USD-pegged stablecoin, RLUSD. The product, which officially debuted in December of last year, recently saw its market capitalization soar past $500 million and caught the eye of some major financial players.
As CryptoPotato reported, the asset was recognized by the Dubai Financial Services Authority (DFSA) as a crypto token within the Dubai International Financial Center (DIFC), while the oldest US bank, BNY Mellon, agreed to serve as a custodian for RLUSD.
Meanwhile, the stablecoin’s market cap continued to grow in the following weeks and currently stands at approximately $577.6 million.
Spot XRP ETF Incoming?
Several XRP exchange-traded funds have popped up in the United States over the past several months. However, all of them are futures-based, and you can check the details here.
The XRP army has been eagerly awaiting the launch of a spot XRP ETF, which is expected to have a more significant impact on the price of the underlying token.
Some of the well-known firms willing to launch such a product include Bitwise, Grayscale, Franklin Templeton, WisdomTree, and more. According to Polymarket, the approval odds before the end of the year stand at around 87%.
XRP Price Outlook
Ripple’s native token exploded to a new all-time high of $3.65 in mid-July, but since then, it has been on a downtrend, currently trading at around $3.08 (per CoinGecko’s data).
However, some important factors suggest this could be a temporary correction, followed by another rally. Large investors, for instance, have acquired 60 million XRP tokens in the last 24 hours. This shows strong confidence in the asset and could encourage other smaller players to jump on the bandwagon, too.
The amount of tokens stored on exchanges has been declining lately, suggesting that holders might have moved their funds into cold storage. This, in turn, reduces the immediate selling pressure.
Last but not least, the number of XRP wallets keeps growing, hinting at solid user engagement and rising interest in the network. The figure reached a peak of 7.2 million on July 21 and is currently inching towards 7.3 million.
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Cryptocurrency
Solana (SOL) Plunges by 10% Weekly, But This Market Signal Says ‘Buy the Dip’

TL;DR
- Analysts point to certain indicators that suggest SOL could be poised for a rally in the near future. Some of the biggest optimists believe the price could soar to a new all-time high of $400.
- SOL’s RSI hovers just above 30, signaling oversold conditions. Combined with increased token withdrawals from crypto exchanges, this could reduce sell pressure and hint at a possible short-term recovery.
Buying Opportunity?
Solana’s SOL has declined by over 10% in the past week, currently valued at around $177 (according to CoinGecko’s data). However, the X user, Ali Martinez, estimated that the TD Sequential indicator has flashed a buy signal.
Buy the Solana $SOL dip, says the Tom DeMark Sequential indicator! pic.twitter.com/cyE5MR45DY
— Ali (@ali_charts) July 30, 2025
The analyst isn’t the only one with a bullish stance following the price drop. One X user claimed SOL “is setting the pace,” predicting a pump to as high as $400.
“Ignore the noise. This isn’t hype, it’s a shift in momentum. Smart money isn’t chasing later – it’s positioning now. Solana season is real,” they added.
BitBull thinks SOL’s current price performance resembles that of 2023, which was followed by a major breakout. The analyst argued that the activity in the Solana network is still strong, while institutional inflows “are coming.”
“All it needs now is a weekly close above $230, and SOL parabolic run will start,” the X user suggested.
AlejandroBTC stands in the opposite corner, claiming there’s no real momentum, while exit liquidity is “getting thinner by the day.” The analyst forecasted that SOL’s price could continue to plunge, warning investors that the altcoins are not in a bull market.
Observing Other Metrics
Over the past several months, the shift of SOL tokens from crypto exchanges toward self-custody methods has been more than evident. This results in reduced immediate selling pressure.
Solana’s Relative Strength Index is the next technical analysis tool we will touch upon. It tracks the speed and magnitude of recent price changes and helps traders identify overbought or oversold conditions. The metric varies from 0 to 100, and ratios around or below 30 suggest SOL could be headed for a rebound, while anything above 70 is considered bearish territory. Currently, the RSI stands at just over 30.
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Cryptocurrency
Ethereum ETF Inflows Soar in July, Outpacing Last 11 Months Combined

Ethereum’s 10th anniversary is proving to be more than symbolic. As the network celebrates a decade since mining its genesis block on July 30, data shows a record-breaking surge in institutional demand.
Spot Ethereum ETFs recorded $5.41 billion in net inflows in July alone, surpassing the combined capital entries of the previous 11 months, which stood at $4.21 billion as of June 2025.
Institutional Investment Pushes ETH Into a New Phase
Data from SoSoValue shows that ETH ETFs have had $9.62 billion in cumulative fund deposits since their launch in July 2024. However, the inflows haven’t been consistent.
After a rocky start, with $483 million in outflows in their first month, the ETFs saw steady growth. They hit 10 figures for the first time in November 2024, when $1.05 billion came into the funds, followed by an even more impressive $2.08 billion the following month.
The first quarter of 2025 was more muted. January and February saw a combined $161.23 million in new capital before a poor showing in March led to more than $403 million flowing out of the ETFs.
Since then, the products have been on a tear, with investment activity growing exponentially month after month, to finally hit $5.41 billion in July. The explosion suggests a shift from institutional caution to aggressive accumulation, with ETH emerging as the clear beneficiary of this sentiment shift.
Data from SoSoValue shows that BlackRock’s ETHA alone now holds $11.39 billion in assets, while Grayscale’s ETHE remains in recovery after $4.31 billion in cumulative withdrawals. Together, these movements have pushed Ethereum ETF assets to $21.61 billion, which is about 4.75% of ETH’s market cap.
Price Momentum Builds as ETH Nears $4K
The price of ETH has also seen a fair amount of growth recently. At the time of writing, it was trading at $3,786, up 3.1% over the past week and 19.6% in the last fortnight despite a 2.4% dip in the previous 24 hours amid profit-taking.
It has also climbed 53.3% across 30 days, moving from around $2,470 to approach the $3,900 range, even briefly touching $3,933 before retracing.
QCP Capital has cautioned that derivatives positioning and overheated funding rates may create near-term resistance around $4,000, yet the structural tailwinds from ETF demand remain intact. If these fund flows persist, Ethereum could not only challenge its November 2021 all-time high of $4,878 but also cement itself as the centerpiece of a potential altcoin-led market cycle.
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