KuCoin (kcs) 
A 71-year-old digital artist in India recently fell victim to scammers posing as an NFT art dealer, losing approximately $1895 in fees. The artist, Shivaprasad R, a practicing chartered accountant and professional artist, was approached by scammers claiming to be an NFT art dealer in October 2023.
The scammers promised to buy his paintings for a significant sum of 42 ETH, or approximately $1895. The negotiations were conducted virtually via email and Facebook. The artist listed three of his artworks for sale and was asked to pay a “gas fee” of 0.115 ETH to the scammer’s platform on February 1, 2024.
Despite completing his first sale, the artist was unable to withdraw his earnings and was asked to pay a “delay fee” that was not previously discussed. The victim made four payments to the scammers before realizing he had been duped. He contacted the cyber police and filed charges under relevant sections of the Information Technology Act and Indian Penal Code.
Cryptocurrency scams are on the rise in India, with authorities cracking down on fraudulent schemes. Recently, the Enforcement Directorate launched an investigation into an $800 million Ponzi scheme involving a Bollywood celebrity. Another scam involved draining victims’ crypto wallets through spyware disguised as essential job recruitment applications.
It is challenging to trace cryptocurrency trails, but authorities are working to identify the scammers. This incident serves as a cautionary tale for artists and investors in the cryptocurrency space, highlighting the importance of due diligence and caution when engaging in online transactions.
