$119 Million Dogecoin Scam

Crypto scam is becoming more common and turning into a norm in crypto, but educating yourself before involving yourself in crypto is the best way to avoid being scammed.

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We have seen cases and scenarios where popular people’s Twitter accounts are being hacked, the hacker then use their Twitter handle to request for crypto and drop addresses to be sent to. People always fall for these scams one way or the other.

In turkey, more than 1000 people were scammed through Dogecoin mining. The total Dogecoin scammed from these victims were worth $119 million. The scammer promised them a 100% profit of whatever they invested. This takes me back to the time I was almost scammed with bitcoin mining. If you understand the mechanism of proof of work and proof of stake, it gets difficult to be scammed with bitcoin mining or any cryptomining. Sending your deogecoin to the scammer in the name of mining is contradictory.

Dogecoin works with proof of work mechanism just like bitcoin, it involves the use of powerful computers to solve complex mathematical problem which rewards the winners in a form of cryptocurrency. So you don’t have to send your coin to the scammer to mine or earn, if you have stake your coin, you don’t need a third party person to do that for you. We have defis now that you can stake your coins.

Most crypto scammers are always similar in their strategy. They organize some sort of seminar in an expensive location, arrive in luxurious entourage to make their investors have confidence in them, come on stage and spit out rubbish and lots of fake promises. They allow the system work for few months, to create more confidence and comfortability for their investors. This is because most times, the early few investors just want to test the water, when they start benefiting, they end up inviting more people into the platform thereby creating more publicity for the scammers. After few months, when the scammers have gotten enough, they disappear.

This was the exact case of this Dogecoin scam performed by a so called Turgut V. So when next you see a juicy offer try to understand the mechanism by doing your own research.

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