How BitMiner Fraudster Group Defrauded Victims of $157,000

A criminal group in South Vietnam is involved in an apparent operation Cryptocurrency mining Its a scam a fraud At least 200 people worth 4 billion Vietnamese dong ($157,300). The sting was carried out by Tran Minh Quang, 41, and three others who were arrested in Dong Nai province south of Ho Chi Minh City.

Bitminer: Cryptocurrency Mining Scam Overview

The suspects are said to have adopted a website they called BitMiner after they registered it under a Singapore domain for the express purpose of challenging investors. Investors were drawn to Dubai-based cloud mining service BitMiner and offered mining contracts such as Red Diamond, Blue Diamond, Diamond Gold, Black Diamond and Green Diamond.

With the help of fake ads and fake trading accounts, the group registered partners who used various tricks to lure potential victims and then promised them high returns. This attracted investors through forums where they were introduced to many interesting educational materials dealing with AI-powered mining techniques. But the truth is that everything went to wallets owned only by Quang and his team.

Arrest and investigation

The group was arrested by Vietnamese police after investigating their well-planned hoax. According to police, two suspects and one still at large used the BitMiner platform to deceive the public by marketing a fake currency known as “Bincoin” and the victims’ money.

The investigation is still ongoing, and the authorities are identifying the names of other people involved in the crime and searching for the funds that were embezzled.

Scammers abuse the irreversibility of a blockchain transaction, making victims deposit money they obtained in fake schemes.

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In the same way, new technologies based on artificial intelligence cover-ups and deepfake technologies are also being used in investment scams, and this makes it very difficult for investors to protect themselves. Therefore, the status of BitMiner should be a fairly high signal, and individuals should pay more attention to what is happening in the field. Cryptocurrencies.

To avoid falling victim to scams like Bitminer, investors should:

• Detecting fake decentralized platforms and companies that deal in cryptocurrencies.
• Reduce over-reliance on promises of high returns without proof.
• Invest through official means and do not place funds directly into wallets that have not been confirmed.
• Be aware of new threats in the context of the cryptocurrency industry.