Zerodha CEO Nithin Kamath warns of cryptocurrency scam after someone he knows lost Rs 5 lakh through a sophisticated fraud.
The scam started with a part-time job offer on WhatsApp and later led to trading on a mock crypto platform, where fake crypto tokens were used to manipulate prices.
The victim was lured into transferring real money to generate higher returns and was unable to withdraw the money due to the fraudsters' manipulations.
The incident highlights the need to create awareness about sophisticated scams and the importance of being cautious while dealing with cryptocurrency.