Cryptocurrency-related scams are on the rise worldwide. But according to the findings of a cybersecurity report published by Microsoft, digital currency users in India should be extra wary. Cryptocurrency users in India are nearly five times as likely as digital currency users elsewhere in the world to encounter the so-called “cryptojacking” attacks. The Microsoft report analyzed cybersecurity issues in the Asia-Pacific region, noting that users in India were 4.6 times as likely than the regional and global averages to encounter digital currency hacks.
Indian crypto users are more vulnerable to hacks.
The report analyzed cybersecurity issues in the Asia-Pacific region, revealing that crypto users in India were 4.6 times as likely than the regional and global averages to encounter crypto hacks. These attacks occur when hackers use malware to harvest a user’s computer processing power without their knowledge to mine for digital currencies. The findings come against a backdrop of a general global fall in this type of attack due to increased block reward mining difficulties and volatility, making the figures for hack victims in India even more concerning.
Crypto users increase in India since the removal of RBI’s ban.
The Supreme Court of India had declared the central bank’s banking ban on crypto as unconstitutional in March and ordered to lift the ban. Since then, crypto users have increased in the country. Crypto exchanges are reporting higher trading volume in the country after a long time. There have been several successful crypto-related startup stories since the ban was lifted by the Supreme Court in March this year.
India’s P2P markets started reporting significant momentum from the Q2 2020 onwards, with the trading volume beating out its December 2017 all-time high of $2.95 million last month before consistently rallying above $3 million this month. India is a growing crypto market, but regulations are still in a grey area. As reported earlier, Indian authorities are reportedly planning to ban crypto use in the country by passing new legislation.
