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Cryptoworldtrading.net, details on the $30 million scam on Indians and the status of recovery 

 

By Nerly Shammah Jul 08, 2023

 

Cryptoworldtrading.net officiated a $30 million(Rs 250 crore) scam on Indians via its high-yield crypto investment products.

 

 

Since the boom of cryptocurrency and blockchain projects, lots of scams have populated the industry, but mostly through DeFi investment products, hacks and the release of shitcoins, there hasn't been a lot on the side of public and centralized cryptocurrency exchangers like Cryptoworldtrading.net. 

 

So, this was one of a kind scam being pulled on Indians, a Ponzi scheme it was most particularly.

 

In the cryptocurrency ecosystem, even a 20% APR on investment is considered a fraud when there are zero track records of sustainable revenue sources and when the entry barrier is low for all.

 

Cryptoworldtrading.net scammed Indians of approximately Rs 250 crore, which amounts to about $30,260,675.00 based on current exchange rates. 

 

Cryptoworldtrading.net: company, services and products

 

Cryptoworldtrading.net was a cryptocurrency exchange particularly based in India that facilitated crypto purchases, trades and investments within the region.

 

According to resources from Internet archive as though the domain is now down, Cryptoworldtrading.net was first created as an idea in December 2020, asides this, most information on the page points to the illegitimacy of the project, however, Indians were unsuspecting of the situation due to localized marketing. 

 

As per our research, we've been able to compile some information on the platform's practices over the period of operations. 

 

Cryptoworldtrading.net offered high-yield crypto investment products that promised users as much as 1% daily interest payments on their investment with promises to double their initial investments in 4-5 months. 

 

According to sources, there was lots of localized marketing across the region, markets, private stores and individual homes were being sold the idea of this money-doubling scheme via the use of crypto products. 

 

With a minimum investment of 8,000 Rs(roughly $97), the unsuspecting Indian investors reportedly invested on average more than $5,000 each. At the closure of the company, over $30 million had been estimated to be the total sum scammed off these Indians. 

 

Several reports have been filed with the authorities within the region and some names of investors and investment amounts have been released, however, icoverage.io refrains from reporting these names due to the inability to verify the authenticity of this information from the sources. 

 

Details on the case investigation

 

At the time of writing, several Indians are still seeking ways to login to Cryptoworldtrading.net, while the platform has been down for months now, the search for "Cryptoworldtrading.net login" has not ceased in the region. 

 

According to a 2022 report, the supposed CEO of Cryptoworldtrading.net is in custody, however, a more recent report says the CEO is in hiding. 

 

That said, 4 suspects are reportedly in custody but the authenticity of any of these details cannot be ascertained by icoverage.io as we're yet to gain contacts with people in the region with insights on the story. 

 

In August, the site Cryptoworldtrading.net went down and was supposedly under maintenance due to heavy server load according to the person of Vikas Kalda who sources point to be the head in this scene and some suggest to be the CEO of Cryptoworldtrading.net. 

 

That said, Cryptoworldtrading.net never came back online and has since been extinct with over $30 million in Indian invested funds stolen. 

 

Cryptoworldtrading.net was conclusively a Ponzi scheme that took money from early investors and paid to the latter as it strategically planned its exit with a huge sum of money from unsuspecting Indian investors.