![Mudrex went down the legal route over customer scams [File]](https://th-i.thgim.com/public/incoming/ih40tf/article68584411.ece/alternates/LANDSCAPE_1200/2024-07-22T102453Z_223385713_RC2909A2AG7G_RTRMADP_3_FINTECH-CRYPTO-HONGKONG.JPG "Mudrex went down the legal route over customer scams [File]")
The Indian cryptocurrency exchange Mudrex obtained a court order that will direct the Indian government to take down a number of scam websites misusing its name and brand, per its CEO and a report by crypto outlet CoinDesk.
As a result of the judgment, India’s Ministry of Communication will have to take action against approximately 38 websites, including some that scammed users, according to the report. The scammers allegedly impersonated real Mudrex employees, lured victims through Telegram by promising them rewards or work, and ran fake investment websites with the crypto platform’s name.
Mudrex CEO and co-founder Edul Patel went down the legal route as the company was not certain whether police action had been effective, reported CoinDesk.
“We at @officialmudrex are committed to protecting our users and upholding the integrity of our brand. Most platforms in India face this issue, but we wanted to make sure it is addressed and solved for our users. Our focus remains on maintaining the trust of our users and reinforcing our commitment to a safe and reliable platform,” posted Patel on X on August 29.
The Indian crypto industry is reeling from a catastrophic hack that hit the funds of the WazirX exchange, leading to the loss of over $230 million. In the days after the hack, WazirX also warned users not to be duped by scammers pretending to be crypto experts.
Crypto assets are not legal tender in India, and investors often take on huge risks by investing in India’s largely unregulated crypto businesses.
