Some companies pretend to provide mining services using a bitcoin mining cloud. They take your money but never mine any bitcoin for you. People often fall for the scam because they want to get their hands on the bitcoin cryptocurrency, and while there are legitimate services out there, some are fraudulent.
Tag: #crypto
Warning! Most Cloud Mining Platforms Are Scams – Brave New Coin
‘Cloud mining’ schemes are among the most prevalent forms of crypto fraud. While there may be legitimate platforms, Brave New Coin’s research over several years has not identified any cloud mining operations that weren’t fraudulent. In this article, BNC profiles several dubious operations—many of which are still active—and provides a practical guide for recognizing potential crypto-cloud mining scams.
What Is Bitcoin Mining? How to Prevent Bitcoin Scams? | Fortinet
Some companies pretend to provide mining services using a bitcoin mining cloud. They take your money but never mine any bitcoin for you. People often fall for the scam because they want to get their hands on the bitcoin cryptocurrency, and while there are legitimate services out there, some are fraudulent.
Crypto Ponzi Scheme Busted: US Court Orders Hedge Fund Owner To Pay $84 Million
The court order details how, instead of generating returns through investments, Ikkurty used funds from new investors to pay out promised returns to earlier participants. This practice, known as a Ponzi scheme, is inherently unsustainable and ultimately leads to the collapse of the scheme when new investors dry up.
Cryptocurrency Scams: How to Spot, Report, and Avoid Them
Platforms market to retail buyers and investors to get them to contribute upfront capital to secure an ongoing stream of mining power and rewards. These platforms don’t own the hash rate they claim to and don’t deliver the rewards after receiving your down payment. While cloud mining isn’t always a scam, to keep your money, you must conduct rigorous due diligence on the platform before investing.
Crypto scammers stole nearly $60m from 20 victims in H1 2024, data shows
Victims are often lured through phishing comments from impersonated accounts on X. Once on the phishing site, they are tricked into making seemingly legitimate transactions from their non-custodial wallets, resulting in unauthorized fund access.