India’s ITR Season Creates a New Cyber Risk as Crypto Profits Meet Refund Scams
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India's booming crypto adoption — ranked first in Chainalysis' 2025 Global Crypto Adoption Index — has pushed digital assets into the 2025 tax-filing rush and spawned targeted phishing and "refund approved" scams that exploit ITR season. CoinDCX co-founder Sumit Gupta warned genuine refunds rarely arrive immediately and urged users to avoid embedded links and verify claims on the official income-tax portal. The surge in tax-related scams raises security and compliance risks for exchanges, retail traders, DeFi and CEX users.
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India’s tax-filing rush is colliding with its expanding cryptocurrency market, creating a timely opening for phishing gangs. As taxpayers reconcile exchange records, wallet transfers, and deductions, fraudulent messages can appear unusually relevant.
CoinDCX co-founder Sumit Gupta warned that genuine refunds rarely arrive immediately after filing. He said messages claiming “refund approved” while demanding urgent updates should be treated as warning signs. Gupta, therefore, advised taxpayers to avoid embedded links and verify every claim through the official income-tax portal.
Crypto Adoption Reshapes India’s Tax-Filing Burden
India ranked first in Chainalysis’ 2025 Global Crypto Adoption Index, covering centralized platforms, retail activity, decentralized finance, and institutional transfers. That scale has moved digital assets deeper into tax compliance, wh…
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