Crypto Scam — Fake Mining Platform Targets 200 Users
Vietnamese police have arrested four suspects accused of defrauding more than 200 people through a fake crypto-mining platform.
On this page
Promising high returns, the organizers marketed their scheme as a licensed Dubai-based platform supported by global investors. Customers were encouraged to choose from numerous mining plans based on their initial investments, with regular forums and courses designed to establish credibility.
To sustain the deception, the scammers hired operatives to manipulate user accounts, fabricating an illusion of steady profits and operational activity. They further claimed to utilize advanced technologies like artificial intelligence, presenting it as a breakthrough innovation for their company.
Suspected fraudster (left). Source: Official VnExpress website
Scammers moved all client funds into private wallets, with initial estimates pegging the stolen sum at over $157,000. Unfortunately, scams like this are becoming increasingly prevalent in the crypto sector. In another recent incident, a California resident sued three Asian banks, accusing them of inadvertently aiding a $1 million crypto fraud.
Amid rising cases, U.S. law enforcement has issued guidelines for safe cryptocurrency use: thoroughly investigate platforms, avoid offers of extraordinary returns, and refrain from using crypto ATMs for payments. Authorities also emphasize the danger of deepfakes, urging users to authenticate images carefully.
Read on: Vietnamese Police Foil $1M Crypto Scam, Halt New Fraud
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
