India Seizes $5 Million Worth Assets in $162M Morris Coin Crypto Ponzy Scheme

India Seizes $5 Million Worth Assets in $162M Morris Coin Crypto Ponzy Scheme

The Indian Enforcement Directorate took strict actions against the crimes involving cryptocurrencies; it is a department under the Indian Ministry of Finance. The police in one of the states filed an FIR that instigated a series of investigations. The department has taken hold of assets worth $5 million in the crypto scam.

The act has deprived investors of $162 million. Bitcoin.com reports that the scam included a non-real cryptocurrency Morris Coin. The company involved fooled investors into investing funds for Morris Coin. The local police officials say that the company used advanced websites to carry out the malpractice.

3. Indian Enforcement Directorate (@dir_ed) has seized assets worth approximately $5 million in connection with an alleged #cryptocurrency scam involving #MorrisCoin that has duped #investors out of $162 million. https://t.co/VbsT5p8hn5Find Next Crypto Gem on KuCoin! Sign up to Claim $500 Welcome Bonus.— BlockchainedIndia (@blockchainedind) January 13, 2022

The Scam Involved Multiple Currencies

The Crypto Market Is Subject to Huge Security Risks

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