Crypto fraud is mutating fast, with synthetic voice cloning, bot-driven social engineering, and AI-crafted impersonations making old defenses look outdated. Binance says it has rebuilt risk management around predictive AI, deploying machine learning at massive scale to intercept fraudulent transactions and protect users. In a reported 12-month window, it claims to have blocked $10.53 billion in scams and shielded 5.4 million users, while also pushing user education as a “human firewall” against increasingly persuasive scams.
The Enforcement Directorate says it is widening its crackdown to cryptocurrency frauds, terror financing, cybercrimes, and drug trafficking. It notes that bank and real estate fraud cases have dropped after new laws, while it has nearly doubled chargesheets filed in the last fiscal year. The ED cites a 94% conviction rate and returning over Rs 63,000 crore in assets to victims.
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Thane police have arrested CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal over alleged cryptocurrency fraud of Rs 71.6 lakh. The FIR was registered on March 16, and the two were apprehended in Bengaluru. The case raises fresh questions about how crypto platforms handle customer funds and disclosures.
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