Chinese Fake Loan App Racket Used Crypto, Apple, Google Questioned On Crypto Apps Review, Approval

Mumbai Police have arrested 14 people in connection with a fake loan racket run with help from some Chinese nationals. Meanwhile, Apple and Google got a letter demanding an explanation about their crypto apps review and approval policy in light of so many crypto scams in the US.
Chinese Fake Loan App Racket Used Crypto
Chinese Fake Loan App Racket Used Crypto

The cyber cell division of Bandra Kurla Complex police, Mumbai, have learnt from the 14 people arrested in the fake loan app scam that involved Chinese nationals that they converted the extorted money in cryptocurrency and then routed it outside India. So far, Police suspect about Rs 350 crore was being moved abroad using cryptocurrencies by these fraudsters, reported TOI.

In other news, Sherrod Brown, Democratic party Senator from Ohio, US, has asked Apple and Google to explain their crypto apps reviewing and approving process in the light of many people getting scammed due to fake crypto apps.

“Crypto mobile apps are available to the public through app stores, including Apple’s App Store. While cryptocurrency apps have offered investors easy and convenient ways to trade cryptocurrency, reports have emerged of fake crypto apps that have scammed hundreds of investors,” an extract of the letter that the Senator wrote to Apple, reported The Verge.

Cryptocurrency Prices

The global crypto market capitalisation went up by 2.76 per cent to $1.09 trillion as of 8.50 am. The global crypto volume was up by 17.5 per cent to $104.15 billion, according to Coinmarketcap data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $23,803.31, higher by 2.38 per cent in the last 24 hours. Ethereum (ETH) was up by 3.67 per cent to $1,716.14. 

Among other significant coins, Cardano (ADA) was up by 0.91 per cent at $0.5185, Algorand (ALGO) was trading with a gain of 1.29 per cent at $0.3351, Solana (SOL) was trading with a gain of 7.53 per cent at $43.03, Polkadot (DOT) rose 1.44 per cent at $7.92 and Binance Coin (BNB) was up by 1.62 per cent at $276.41.

Today’s top gainer was Optimism (OP), which was up by 43.23 per cent at $1.61. The top loser was Huobi Token (HT), which was down by 1.3 per cent at $4.44. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 6.31 per cent at $0.0697. Its volume to market cap ratio stands at 0.07069. Rival Shiba Inu (SHIB) was up by 5.3 per cent at $0.00001195.

Dogelon Mars (ELON) rose 3.5 per cent to trade at $0.0000003691, Floki Inu (FLOKI) lost 0.6 per cent at $0.00001121, and Samoyed Coin (SAMO) lost 6.35 per cent at $0.0117. 

In the DeFi segment, YFI ( was up by 20.09 per cent at $8,727.45, and Terra Classic (LUNC) was trading with a gain of 0.45 per cent at $0.0001001. Avalanche (AVAX) was up by 6.19 per cent at $24.53, Uniswap (UNI) was trading with a gain of 11.87 per cent at $9.35, and Aave (AAVE) fell by 5.82 per cent at $100.46.

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