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29 Oct 2018


A cryptocurrency user from India has almost lost two Bit-coins on Local Bitcoins. The attacker reportedly used sophisticated methods such as SMS spoofing, evidence tampering, and downright lying to the admins of Local bit-coins to facilitate the crime.

The recent banking restriction on cryptocurrencies in India has resulted in individuals using peer-to-peer [P2P] exchange platforms such as Local Bit-coins. The exchange platform is one of the widely accepted P2P Bit-coin exchanges in the world.

According to the post on Coin Crunch, Arun, a frequent trader on the Local Bit-coin platform, placed an advertisement to sell two Bit-coins, worth about $13,000 [9.5 lakh INR]. Furthermore, Arun could not...