The post Crypto Mining Scam: How the BitMiner Fraudster Group Swindled $157K from Victims appeared first on Coinpedia Fintech News criminal group in southern Vietnam involved in a clear cryptocurrency mining scam has defrauded at least 200 people of VND 4 billion ($157,300). The sting was executed by Tran Minh Quang, 41, and three others who were apprehended in Dong Nai Province south of Ho Chi Minh City. Bitminer: An Overview of a Crypto Mining Scam The suspects are said to have adopted a website that they named BitMiner having registered it under the Singapore domain for the express purpose of defying investors. Investors were lured into the BitMiner cloud mining service based in Dubai and offered such mining contracts as Red Diamond, Blue Diamond, Diamond Gold, Black Diamond, and Green Diamond. With the help of fake advertising and fake trading accounts the group enrolled accomplices that used various tricks to attract potential victims and then promised them high yields. This attracted investors through forums where they were introduced to various interesting educational materials touching on mining technologies underpinned by AI. However the fact was that everything went to wallets owned by Quang and his team only. The Arrest and Investigation The Vietnamese police caught the group after investigating their well-planned con. According to the police, two suspects and one still at large used BitMiner to swindle the public by marketing a fake currency known as ‘Bincoin’ and the money of the victims. The probe is still ongoing, and authorities are in the process of naming other people involved in the crime and seeking the money that was embezzled. Fraudsters abuse the irreversible characteristic of the blockchain transaction, having the victims deposit the cash they were given in fake schemes. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : Crypto Hack Report of 2024: $2.3 Billion Stolen, Phishing Remains Top Threat , In the same way, new techniques relying on covering AI and deepfake technologies are also being used in investment scams and this makes it very challenging for investors to protect themselves. Thus, the case of BitMiner should be a rather loud signal, and individuals should pay more attention to what is happening in the sphere of cryptocurrencies . To Avoid Falling Victim to Scams Like Bitminer, Investors Should: Detect fake decentralized platforms and companies that deal with cryptocurrencies. Reduce overreliance on high return promises without substantiation. Invest through official means and never put money directly on wallets that have not been confirmed. 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