Typically, these scams lure investors with the allure of high earnings and low risks. Scammers set up sophisticated websites and produce detailed marketing materials that resemble those of bona fide mining operations. They often present various investment tiers, encouraging investors to contribute more money for supposedly higher returns.
The core of the scam is the upfront fee—investors are asked to pay significant amounts purportedly for mining equipment and electricity costs. Following payment, the scammers might disappear or demand additional funds for maintenance or expansion, claiming that new equipment is needed due to operational growth. In reality, no actual mining takes place, and the collected funds are not used to purchase any tangible assets.
