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16th March 2022 > > Crypto mining scams.

Updated: Mar 17, 2022


On-line crypto mining scams and why you should avoid them.

Market Snap (at time of writing)

Market Wrap

A short-lived spike to $41,700 from $39k killed a lot of leveraged shorts but the retracement to $39k was equally as rapid.

Curious Cryptos’ Commentary – Crypto mining scams

There are many variations on this theme, but they essentially involve the promise of crypto rewards for “investing” hard cash into an online mining platform.

Note that there are legitimate mining pools that you can access online. For these you are renting out your computing power (and electricity usage) in exchange for a share of the mined coins. The Curious Cryptos team is investigating one or more of these for our joint education and benefit.

For now, let’s just concentrate on the scams.

This is a classic of the genre. PLEASE DO NOT SIGN UP.

There is a minimum “investment” of $500, with different options for your contract:

Once you have paid your money, you will receive regular updates of how much you are earning and regular phone calls and emails encouraging you to invest even more. When you try to take out your earnings, you will be told to pay a variety of fees before the funds can be released. At no point will you ever receive any rewards at all.

On the website there is a link to a Certificate of Incorporation which shows a company number of 12182631. If you look at the filing history:

you will find the company has only ever submitted dormant accounts. I have been in contact with Companies House, and I am hopeful this company will soon be struck from the register.

An alternative variation is to allow you to sign up for free with the promise of free withdrawals after a specified period of time.

If you do this, you will be bombarded with phone calls giving you the option to pay for an upgrade to your mining ability with the promise of an increase in the amount of BTC awarded to you and quicker withdrawals.

Needless to say, you will never receive any BTC. Not ever.

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