An alleged DOGE mining scam raked more than $119 million after the scammer promised investors some massive returns according to the Turkish local media reports that we have in our latest Dogecoin news today.
People were conned into purchasing DOGE and then investing it in a scam apparently as the reports show. The alleged DOGE mining scam got off with $119 million stolen from 1500 people and the scams are only getting worse. These scams are far from unusual in teh world of crypto but most of the time they don’t involve mining of the most popular memecoin- Dogecoin. According to the Turkish media, the scammer managed to rip off $119 million from investors by promising high returns from DOGE mining.
The alleged scammer identified as “Turgut V” and his team in Turkey said that investors were promised 100% returns on the mining technology. Mining doge works similarly to Bitcoin through the energy-intensive process called Proof of Work where the high-powered computers race to solve complex mathematical problems with the winners getting an award in teh form of crypto. Turgut V scammed investors into purchasing Doge and handing it over to him so he could invest in mining equipment, adding that the victim’s lawyers filed a complaint with the Chief Public Prosecutor’s Office in Istanbul.
Turgut V and others told investors in person and via Zoom calls that they will make huge returns as the lawyers explained.
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The system was closed soon after the Turgut V disappeared as per the reports. 1500 people fell for the scam and one victim even said that the system worked for four months and everything went well. A court banned Turgut V and his associates from leaving the country as authorities investigated. Dogecoin is the seventh biggest crypto with a market cap of $35.4 billion and it was created as a joke back in 2014 to make fun of Bitcoin but now it has real value as per rich investors like Elon Musk and Mark Cuban.
Crypto scams are becoming even more common since scammers tricked people in the UK into investing in a fake Binance Smart Chain Services and made off with $22 million. The names of popular people are always used to trick users into believing the investments are legit as $2 million was stolen in two months in a scam that led people to send their BTC to accounts falsely claiming to be owned by Elon Musk. Musk is associated with DOGE which itself recieved a huge deal of attention over the past year as the meme coin surged by 10,000 since October 2020 and the price got down later. Musk even spoke about the crypto on Saturday Night Live but the coin didn’t recover.
Dogecoin has its own foundation working to turn the asset into a globally accepted payment method and its board includes Etheruems’ co-founder Vitalik Vuterin and Musk’s representative Jared Birchall.
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