Hyderabad Businessman's Crypto Nightmare: Loses Rs 1.49 Crore in Bitcoin Scam, Seeks Cyber Crime Intervention

In the heart of Hyderabad, a local businessman's foray into the world of cryptocurrency took a dark turn when he found himself the victim of a staggering loss amounting to Rs 1.49 crore. Drawn by the promise of quick profits, the entrepreneur decided to test his luck and invested in bitcoins at the end of October. His optimism led him to purchase 4.98 BTC, totaling the significant sum, from an individual based in Dubai.

However, what initially seemed like a lucrative venture quickly turned into a nightmare. After successfully completing the transaction and seeing the bitcoins reflected in his blockchain wallet, the businessman's elation was short-lived. Within an hour, he discovered his wallet balance had been reduced to zero. To add to the distress, an email from blockchain.com informed him that his wallet had been 'recovered' using seed words – a set of words generated by cryptocurrency wallets for access.

The victim promptly reported the incident to the Cyber Crime unit in Hyderabad, leading to the registration of a criminal case under Sections 420 (cheating) of the IPC and IT Act. As the investigation unfolds, the businessman revealed that the bitcoins were transferred to a specific wallet without his knowledge. Suspecting foul play, he highlighted that someone with knowledge of his transactions might be behind this illicit transfer. The case underscores the challenges and risks associated with the burgeoning world of cryptocurrency investments, raising concerns about the need for heightened security measures in the digital asset realm.

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