## ICO CRYPTO NEWS

- August 31, 2021
- Douglas Boaz
- Dogecoin

### Scammer Hacks $119 M in Dogecoin in Mining Scam

Recently, a $119 million fraud was perpetrated. A fraudster has taken away $119 million in Dogecoin that was invested by unsuspecting individuals. The individual in question promised to double the investment in approximately forty days. The fraudster did this by holding several events and promotions to get people to donate him the money. Needless to say, the fraudster vanished after he had gathered enough money.

The individual who scammed investors with their money was a shrewd businessman. To prove that this is a legitimate plan, he paid dividends and prizes to investors. However, this only lasted three months. He received $119 million in Dogecoin from them after they were persuaded, and many of them joined the program. A total of 1,500 investors suffered massive losses as a result of the same.

How does one stay safe from such scams?

Due to unregulated laws in many countries, scams like these are frequent in the crypto industry. As a result, it is more vital than ever to keep money safe and avoid becoming victims of such scams. It is pretty easy to avoid losing money on ventures like these. The investor needs to avoid dodgy scams, which means anything that appears too good to be true. Always think about why someone can’t achieve something exceptional using their own money when they offer something unique. Or, if they don’t have it, why can’t they borrow it?

Social media platforms are the breeding grounds for such crypto scams. Double money scams are also quite common on Twitter and other social media sites. Fake accounts with names that seem similar to well-known figures such as Elon Musk, Jeff Bezos, and others offer links for cryptocurrency deposits. People donate money with the hope of receiving double the amount they sent. But once they do, the game is over. In one such instance, a man lost ten Bitcoins in a similar fraud; the money he invested was his lifetime earnings. So, one must be cautious and skeptical of anything that promises to make them wealthy overnight.

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