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CryptoScam #5: Pre-Ordering Non-Existent Miners - How This Scam Works and How to Avoid It

In our fifth installment of CryptoScam, we focus on the issue of pre-ordering non-existent cryptocurrency miners. This scam is becoming more common and more and more people are falling victim to it. In this article, we will show you how this scam works, what to do to avoid it, and what to watch out for.

How Miner Preorder Scam Works:

Fraudsters create seemingly legitimate cryptocurrency companies that offer miners with unrealistic performance at seemingly attractive prices. Here are the main features of this scam:

  1. Defunct Company: These companies do not have a physical existence. They have a website full of pictures of miners and promises, but in reality they are only virtual.
  2. Unrealistic Offers: They offer mining machines with performance that would be impossible in the real world at a given price. This attracts potential victims who hope to become rich.
  3. Payment Terms: These companies often only require payment in cryptocurrency, making it difficult to track and get your money back in case of fraud.
  4. Fake Seats: They often list fake residences that can't be found on Google Maps or have minimal real-world footprints.

How Scam Miner Preorders To Detect:

To avoid this trap, you should take several steps:

  1. Thorough Examination: Research the company carefully, check their website, headquarters address, reviews and online reputation.
  2. Unrealistic Offers: Be wary of offers that seem too good to be true.
  3. Payment methods: Be careful when paying with cryptocurrencies and always make sure the transaction is legitimate.
  4. Verify Headquarters: Check the seat address on real maps to verify if it exists in the real world.

Fraudulent miner pre-orders can cause loss of funds and time stress. Be cautious and use these tips to avoid these unfair practices.

Don't miss our latest episode of CryptoScam where we explore this issue more and show specific examples.

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