Crypto Scammers Steal ₹19 Crore Using KYC Impersonation – And We’re All Too Distracted to Care!

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Key Highlights

  • Scammers stole $21M USDT via a fake KYC site, tricking a Hyderabad man into approving a malicious Tron wallet contract. (Spoiler: He didn’t know what he was doing.)
  • Police arrested three suspects-Sushim, Srikanth, and Lucky-while the rest of the crew probably bought a villa in crypto heaven.
  • Crypto frauds are growing rapidly, combining tech tricks and trust. Because who wouldn’t click a phishing link promising “high returns”? Not me. Never me.

A high-value cryptocurrency fraud has rocked Hyderabad, with three individuals arrested for stealing $21,04,089 USDT worth around ₹19,08,98,915 from a local investor. The victim, a 44-year-old man from Kalyan Nagar, lost his funds after interacting with a fake KYC website called Trontag.org. Let’s just say, if your “verification site” has a logo that looks like it was designed in 2003, maybe double-check before you hand over your life savings.

As per a local report, the victim was tricked into linking his Tron wallet to the phishing website and inadvertently accepted a malicious smart contract. Because nothing says “trust” like a website that looks like it was built by your Great-Aunt Mabel with a tutorial and a dream.

The police have arrested three suspects: Sushim Shripati Gaikwad from Pune, Srikanth from Hyderabad, and Lucky Choudhary from Jaipur. According to investigators, Gaikwad and Srikanth pretended to buy USDT while Choudhary designed the fake site. If this were a movie, they’d be the ones with the whiteboard explaining the plan like a Bond villain. (Also, why is everyone named “Lucky”?)

How the scam worked

The scam mimicked a normal KYC process. The scammers told the victim his Tron wallet needed verification via Trontag.org. He believed it was genuine, provided personal details, and then… boom. Hidden smart contract. Money gone. If only they had asked for his cat’s Instagram password too.

Police said the three scammers operated like a well-oiled team: Gaikwad and Srikanth handled the victim, while Choudhary made the website look “real.” During the investigation, authorities seized four phones and two laptops. Let’s hope they found evidence of a Netflix account too.

Pattern mirrors past crypto frauds

This case shows how crypto scams are getting fancy in India. In December 2023, the CBI charged 30 people over the HPZ Token scam, which promised sky-high returns during the pandemic. Because who wouldn’t invest in a mining scheme when they’re stuck at home eating cereal for dinner?

Investigators found the money never went into real mining. Instead, it flowed through shell companies. Classic move, right up there with “I’ll just borrow your ID for five minutes.” The accused, including Wan Jun and Li Anming, ran the operation overseas while local goons handled the dirty work. Global crime, local flavor.

Emerging wallet scams

Scammers now send “official” letters pretending to be from Trezor and Ledger, asking users to complete “Authentication” or “Transaction Checks.” These emails include deadlines and old customer info to panic you into action. If it says “URGENT” and includes your ex’s name, it’s probably fake.

Experts warn the letters push users to scan QR codes leading to fake sites. Once you enter recovery phrases, scammers get full access. So, remember: If you don’t know where your wallet is, it’s either in your pocket or in someone else’s crypto bank account.

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2026-02-17 11:23