Crypto Mining: BitMiner Fraudsters Swindle $157K

Crypto Mining: A Yet Another Cryptocurrency Scam

Crypto Mining: BitMiner Fraudster Group Swindles $157K

A Vietnamese criminal group has been found involved in a crypto mining scam. They scammed over 200 investors of more than $157k (VND 4 billion). The crypto mining fraud’s been carried out via a fake BitMiner platform.

The cryptocurrency mining scam was disclosed after the sting executed by Tran Minh Quang, 41, with three others apprehended. 

Crypto Mining Scam: How It Was Carried out

The suspects adopted a website, named it BitMiner and got it registered under the Singapore domain to defy investors. Dubai-based, the BitMiner cloud mining service successfully lured investors before offering mining contracts like Red Diamond, Diamond Gold, Blue Diamond, Green Diamond and Black Diamond.

Fake ads and fake trading accounts were used to attract potential victims by enrolling accomplices who used various tricks. High yield promises attracted the investors who were then even introduced to several interesting educational material on mining technologies underpinned by AI. All of it went to Quang and the team.

How To Avoid Crypto Scams?

Here are some of the ways you can remain away from crypto mining scams:

• Do not rely on high return promises without substantial proof of genuineness.

• Detect fake companies and decentralized platforms that deal in cryptocurrencies.

• Prefer investing officially only.

• Never put money directly on unconfirmed wallets.

• Stay aware of new potential threats by keeping yourself up-to-date with the latest data and scam-related news within cryptocurrency space.

Prefer to carefully DYOR before making investment decisions to stay away from such crypto scams. You should know what is crypto mining and how crypto mining works to make informed choices.