Crypto Mining: A $300,000 Scam Exposed

Crypto mining is becoming increasingly popular in Russia. Many Russian citizens and companies go there to make a profit. At the same time, cases of fraud linked to this operation are constantly increasing. In June, crypto mining equipment worth $1.9 million was stolen in Irkutsk. The following month, thieves robbed a large mining center near Moscow. Another scam related to this operation recognized as profitable in Russia has recently summer discovery.

19 million rubles collected through fake advertisements on crypto mining equipment

According a tweet from Bitcoin News on September 5, “a Russian citizen managed to earn millions of rubles from fake adsmade to buyers of mining equipment. The scammer reportedly sold fictitious crypto mining devices for over $300,000. The police apprehended him in the south of Russia, more precisely in the city of Astrakhan. It must be said that the fraudster resides in Kazan, the capital of the Russian Republic of Tatarstan.

The suspect allegedly defrauded both Russian citizens and foreigners. He allegedly sold the non-existent crypto mining equipment to 10 Russian citizens. He started by making false advertisements to announce that he sells mining machines. Next, he insisted on receiving payments from buyers in advance. Buyers had to send the full amount to have the mining devices sent to them.

By doing this, the fraudster managed to collect 19 million rubles, which is about $315,000. One of his victims allegedly sent him 936,000 rubles to a bank account. The fraudster then cut off all communication with the victim.

A Russian citizen suspected of scamming crypto mining equipment is said to have earned approximately $315,000 from false advertisements. Arrested by the authorities, he faces a prison term of up to six years.

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