Fake Cryptocurrency Mining Causes Loss Of 2 million British pounds

It has been revealed that over two million British pounds were lost by the Britons in the course of fake cryptocurrency mining activities. Cybercriminals primarily used the social media channels for advertising their ‘quick investment’.

On August 10, the UK national police project Action Fraud shared that fraudsters are using major social media channels for publicizing their Ponzi schemes. A whopping amount of two million British pounds were lost by the residents of Great Britain due to fraudulent cryptocurrency related mining activities.

Cops in the United Kingdom shared that an average loss of 11,000 British pounds was incurred during the months of June and July. Fake trading offerings and mining were the two most common ways to steal money.

The process of creating cryptocurrencies like Ethereum or Bitcoin is referred to as mining. The increasing popularity of mining activity has led to criminals and hackers targeting the crypto space. They do so by making fake investments to create coins, which are then presented as extremely valuable.

Crypto mining is a distinct activity from crypto jacking. The latter is an activity when hackers hack innocent people’s browsers without procuring their consent. The aim of this hacking is to mine cryptocurrencies.

Fraudsters Convince Victims To Make Crypto Investments

Cybercriminals convince innocent investors to register themselves with the cryptocurrency investment websites first. Thus, these victims disclose their important personal details like driving licenses and credit card details for opening their trading accounts.

Thereafter, the victim gives the initial deposit as mentioned. However, a fraudster may call them to convince for investing again while alluring them of enjoying greater profits.

Meanwhile, the director of Action Fraud Pauline Smith said that the statistics reveal that fraudsters are continuously looking for fake cryptocurrency mining activities, Cryptovest reported. These criminals tend to offer investments in cryptocurrencies to their victims. They use every trick in their sleeves to cheat unsuspecting victims.

The post Fake Cryptocurrency Mining Causes Loss Of 2 million British pounds appeared first on OWLT Market.

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