Cryptocurrency is an asset class that has seen a tremendous amount of growth in recent years, with the worldwide crypto adoption rate looking like it will break 150 million users in 2023. Despite this, the past year has been a difficult one for investors, and India is no exception with outbreaks of scams, losses, and even recent reports of attempted suicide due to financial losses in the crypto market. A 23 year old professional recently attempted to commit suicide by jumping off a bridge in Kolkata, after suffering losses of nearly Rs. 30 lakh (approx. $37,500). Thankfully, the man was prevented from jumping by police who managed to talk him down following the cab driver alert. India is the world's seventh largest nation in terms of crypto adoption, with Australia, USA, and Brazil making up the top three spots.

Over the course of the past year, investors all over the globe have experienced a general lowering of confidence in the asset class, which has caused a sharp decrease in the price of many cryptocurrencies. But despite this period of 'crypto winter' and the collapse of several large-scale firms dealing in crypto, there is still a certain number of investors who have retained their faith in the industry. Unfortunately, it is apparent that India is a hot-spot for crypto-crime with, for example, numerous scams happening in - and around - Bengaluru in 2022, costing victims around Rs 70 crore (approx. $8.7 million).

Generally, Indian investors have suffered from a lack of knowledge regarding safe crypto trading, which puts them in a vulnerable position. Considering that the only way to invest safely is by gaining knowledge and understanding of the basics, it is essential that investors take the necessary steps to educate themselves. In doing this, investors will become less prone to crimes such as fraud, or losses that might lead to extensive sleepless nights, let alone senseless acts of suicide. education is key and must be taken seriously in the growing world of cryptocurrency.



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