Guy Explains Why You Should Avoid Crypto Mining Pool Scams On Twitter

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Cryptocurrency is the pool where investors are of the belief that by taking a dive in it, they can make big bucks effortlessly, tempting more and more people to try their hands with crypto investments. But its fluctuating nature has shown us how deadly it can truly be.

cryptocurrency scamReuters

Also Read: Crypto Scammers Target iPhone Users On Tinder, Bumble Dating Apps

However, apart from market fluctuations, several scammers are out in the open trying to snatch your hard-earned investments. Today, while browsing through Twitter, I stumbled upon a case of a scam that lured an individual into losing $200,000 worth of Ethereum.

  

The tweet shared by one user @CoinTakingLs were actually screenshots from subreddit r/CryptoCurrency by user rongy_dringus. He describes how someone contacted him on Twitter randomly and after talking to her for around a week she asked him to join an Ethereum mining pool where she was able to make 4 Ethereums a day as profits

She explained that it essentially asks the user to take tether in your coin base wallet and join an Ethererum mining pool. The same tether is used to create Ethereum and users get dividends in the form of more Ethereum in return. 

Also Read: She Pulled Off World’s Biggest Crypto Scam, Stole Rs 28,500 Crore With Fake ‘OneCoin’

Earning Ethereum every day

The user, out of curiosity tried this with a small amount and he actually noticed that he was making around 1-3 percent profit every day, depending on the amount of tether. After a few days, he decided to roll in a larger chunk of $200,000 into the tether and he saw his profits rise to 2 percent. In his words, this was around $4,000 worth of Ethereum per day.

ethereum scamUnsplash

When it all went into ashes

However, the few days when he got up, he saw the tether account had been flushed with 0 balance. The entire amount was withdrawn by a random address. He tried connecting with the mining pool who claimed that it had to be stalked/pledged for 30 days. However, he could still see profits being made.

He later connected with Coinbase wallet to check if this was some sort of a scam and they said that they were unaware of such a scam. Moreover, the girl who recommended him to do this continued to talk with the individual and not disappear. 

The revelation

A little digging later revealed that he was in fact scammed. He revealed the details of the scammer with the transaction hash. He has even left the bounty amount for the individual who manages to retrieve the amount.

ethereum scamReddit: R/Cryptocurrency

Also Read: South African Crypto Brothers Vanish With $3.6 Billion Worth Of Bitcoin

He also revealed that he has filed a complaint with the local police station, FBI internet crimes as well as the FTC. 

It goes without saying, stay wary of such scammers that you find on social media that ask you to be part of such mining pools as once your investments are gone, they’re gone forever.

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