Crypto Coin Cracks After Luring Indians With 3,100% Returns
A crypto party in India is showing signs of trouble amid a wider market meltdown. Lax regulations heighten the risks, experts say.
BlockAura is among the Indian crypto startups that have emerged in the past year or so.
Photographer: Christopher Pike/BloombergSanjay Kamble hit the jackpot when an obscure token he’d invested in surged about 3,100% in eight months. He ditched his dead-end marketing business this year and became a full-time crypto evangelist.
These days, the 51-year-old drives around in his new Toyota sedan — one he couldn’t afford a year ago — on the dusty streets of his home town in rural India, showing off his success from investing in BlockAura tokens. He exhorts farmers, teachers, housewives, friends, relatives and neighbors to join him, promising that their investment would grow threefold in 300 days.