30 Victims Lose $1.34 Million in CryptoMining.Farm Scheme

Thirty people in Thailand have filed a complaint with police after allegedly losing 42 million baht ($1.34 million). The complaints state they were tricked into investing in Crypto Mining Crypto Mining Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Read this Term.Farm, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-mining website, according to a report by the Bangkok Post.

The 30 victims today, which lodged their official complaint with the Technology Crime Suppression Division on Monday, are part of a much larger group that has been caught up in the bitcoin-related scandal, which police believe is around 140 people.

It is currently believed that CryptoMining.Farm is operated by Lifetime Technology Co Ltd. According to the complaint filed by the victims, this company is owned by Pimongkol Tawpibarn.

Speaking to the Bangkok Post, one of the victims who has decided to remain anonymous, said that the site’s owner promised investors a guaranteed return of 70 percent a year - an incredibly high return.

The number of scams, particularly in the cryptocurrency and foreign exchange industry, are on the rise. Scammers will often try and trick people into investing in their fraudulent scheme by promising outrageous returns, like what was done in this instance. However, it is important for consumers to be aware - if it sounds too good to be true, it probably is.

CryptoMining.Farm Offers Repayments in 84 Instalments

Investors who joined the blockchain mining website entered into contracts with the company. According to the unnamed source, these contracts stated that investors could withdraw their money at any time, without any conditions.

The mining website offers consumers a number of blockchain mining contracts to invest in with maturities from three months to lifetime compacts.

“But from August the owner began imposing conditions for withdrawing the money," the victim claimed. "Then at the start of this month, the site announced it would start paying back investors in 84 instalments [sic] -- which would take over seven years to complete."

According to the source, these repayments were supposed to be made in foreign currencies which are not legally allowed by Thai laws.