Fraudsters copied Twitter-account of the Ethereum project founder. A user with a nickname VitalickButter posted information that users can get 2 ETH for paying 0,2 ETH. The followers voluntarily transferred their ETH savings to the mentioned address of a cryptocurrency wallet.
I'm donating 400 Ethereum to the ETH community! First 200 transactions with 0.2 ETH sent to the address below will receive 2.0 ETH in the address the 0.2 ETH came from.
Don't miss out – first 200 only! Claim your ETH now!
Thirty people have filed complaints to Thailand’s Technology Crime Suppression Division stating that they were victims of crypto mining scam, they allegedly lost 42 million baht ($1.34 million). The police thinks that the amount of victims can be bigger.
According to the victims’ words, the leaders of the scam convinced them to invest money into CryptoMining.Farm, a blockchain-mining website. One anonymous victim said to the Bangkok Post that one of the leaders promised investor an impossibly high return – 70% a year.
The victims signed contracts when they entered the website, the documents said that a customer may withdraw money at any time he/she wanted without any additional condition. However, the situation has changed since August. The victim stated that:
“From August the owner began imposing conditions for withdrawing the money. Then at the start of this month, the site announced it would start paying back investors in 84 installments which would take over seven years to complete. The payments were supposed to be made in foreign currencies [which] is not permitted by Thai laws.”
After a preliminary investigation, the police is sure that not 30, but 140 people became victims of the scam. Moreover, it can be related to a big scandal which happened in August 2018, when a popular Thai actor and his siblings stole about 797 million baht ($25.5 million).
According to the Bangkok Post, the company has two official offices in Bangkok and Chiang Mai, which may make the victims think that the company’s operations are legal.
Thailand treats digital money with caution and tries to regulate it. The Thai Ministry of Finance even issued a document last year where all the country’s cryptocurrency activities were regulated, including the taxation of participants of crypto market.
The Federal Trade Commission (FTC) has recently published a report showing that romance scams are relentlessly gathering momentum. The number of romance scams has increased in 2.5 times, from 8,500 in 2015 to 21,368 last year, overtaking the number of any other type of consumer fraud.
Romance scams data
The data provided below shows that in 2015 the number of reports did not exceed 10,000, and the total loss was estimated at about $33 million. The situation has been worsening since 2016, when the reported loss accounted for $75 million, two times bigger than in 2015. However, the year of 2018 broke all the records when the total loss comprised over $143 million.
How do scammers lure people?
Romance scammers usually create attractive and convincing personas on the dating sites and apps or social media, like Facebook, for example. They frequently use fake photos and names, but there were cases of assuming the identities of real people. The scammers lure people with their sob stories to convince victims to send them large amounts of money.
Once the romance scammers have people by the heartstrings, they say they need money for medical treatment or for any other quite sad reason. The fraudsters usually explain to victims that they are in the military and stationed abroad, thus, they cannot meet. The report says that most affected are people from 40 to 69, the rate of their losing money to romance scams is higher more than twice in compare to the rate of people in their 20s.
Tips how to not get engaged in a romance scam
Do not send money or anything else to the sweetheart you have never met in person before.
Tell your close friends about your sweetheart. People can become blinded when they are in love, thus, pay attention if your friends or family are concerned.
Do not rush, just take it slowly. Try to ask questions, use a reverse-image search of the profile picture. If something does not match, it is a scam.
More and more retailers are coming to the cryptospace, since the price of Bitcoin has stabilized for a period of time. American wholesaler H&M Distributors, a company dealing with lap holders, replacement ballasts, and accessories, will allow customers to pay with cryptocurrency. The payments will be conducted with the help of an e-commerce platform Champion.
Crypto became mainstream in 2018
The year of 2018 has brought cryptocurrency into mainstream especially when the market cap approached at $830 billion on January 7. Let us remind you some memorable moments of accepting crypto.
Cryptocurrency is the best alternative to traditional fiat currency, it is very viable to use as payment for cross border transactions as well. Cryptocurrencies truly allow for a universal and global system of finance that connects people across border payments.
Unfortunately, after massive downturn in market cap, people paused accepting crypto, yet, now it is high time to resume the tendency.
Details of possible payments
According to the press release, H&M distributors will accept payments in Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH) and Bitcoin Diamond (BCD).
From now on, retailers will be able to complete the transaction in seconds without paying commission. It will reduce or “eliminate currency conversion fees” that have to be paid when using traditional payment processors, as the result, the customers will save more money.
Furthermore, the US-based distributor wants “freedom from chargebacks” – which can occur when using more conventional banking services. The giant distributor thinks that cryptocurrency payment systems “match the functionality of traditional fiat currency” and they go beyond traditional transaction processors in terms of “efficiency, accessibility, and security.”
The CEO and founder of H&M Distributors, Herb Needham, stated that:
“After more than 20 years in the business, we consider ourselves experts in specialty lighting. Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”