Indian court orders removal of scam website using cryptocurrency exchange Mudrex name

The cryptocurrency exchange Mudrex has obtained a court order requiring India's Ministry of Communications to shut down up to 38 websites that were using the company's name for fraudulent activities. The Delhi High Court issued the ruling on August 23, one day after the petition was submitted, giving the ministry one week to comply. Mudrex filed a lawsuit with the court after about 15 people contacted customer support or visited the Bangalore office to report being scammed. Mudrex's CEO and co-founder, Edul Patel, said in an interview, "We estimate that the actual number of retail investors who were scammed may be around 1,000, with estimated losses exceeding $50,000."