Overview
The victim expects to profit from bitcoin or other cryptocurrency mining.
How It Works
Scammers set up fake mining services where they take the victim's investment but never mine any cryptocurrency for them.
They may also pressure the victim to deposit more money for additional tasks or promised bonuses, ultimately locking them out of the platform and disappearing with the deposited funds.
Related Articles
Cryptocurrency Mining Scams, Silver Miller Law
Related Crime Schemes
A particular instance of this scam may embed one or more of these related schemes.
Fraudulent Platform: Any scheme that relies on custom built software that assists the crime. Includes fraudulent trading platforms, fraudulent clickworking platforms, and the like.
Victim Targeting Context
The scammer may use one or more of the following techniques to reach the victim.
Advertising Approach: The scammer uses advertising to passively reach the victim.
Social Engineering: Psychological Manipulations
The scammer may use one or more of these psychological techniques to accomplish the scam.
Celebrity: The scammer claims a celebrity endorsement in order to increase trust or interest from the victim.
Easy Money: The scammer promises easy money or makes appeals designed to leverage victim's greed.
Peer Involvement: The scammer uses the victim's peers to encourage the victim to engage in the scam, claiming that "others are doing it" or suggesting that the victim will miss out. Often the peers are also scammers.
Secret Knowledge: The scammer may imply that the investment scheme relies on secret or hidden knowledge.
Social Engineering: Impersonation Techniques
The scammer may impersonate one or more of the following groups as part of the scam.
Banking / Finance: The scammer impersonates a banking official or financial institution.
Business or NonProfit: The scammer impersonates a business or nonprofit.
Catfishing: The scammer creates a fictitious online profile or persona.