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A group of Vizagites lost over ₹35 lakh in a crypto scam, lured by fraudsters promising high returns. Victims were approached through social media, and withdrawal requests were blocked after initial gains. Authorities are investigating under the IT Act.
Blockchain investigator ZachXBT warns about a fraudulent account named "Rashid bin Saeed," suspected of misleading users into cryptocurrency "pump-and-dump" schemes. Despite having over 353,000 followers, it was only verified in February 2026 and often changes its name, promoting low-cap meme coins like CHIBI. This highlights a familiar pattern of gaining followers through sensational content before pushing low-liquidity tokens. The warning comes as the Crypto Fear and Greed Index plunges into extreme fear, increasing market manipulation risks.