An self-styled cryptocurrency mining firm from Luxembourg has fielded a number of rip-off accusations after it emerged its executives don’t exist.


Critics Say OnMiners Claims Too Good to Be True

OnMiners, which purports to supply three mining rigs with vastly superior hash energy to market rivals, used inventory pictures and sure faux names for its management on its web site.

Social media commentators grew to become conscious of the deception after the corporate revealed a press launch about its alleged operations. The press launch appeared unchanged on a number of mainstream information platforms, together with the Related Press, Venturebeat and BusinessWire.

In it, OnMiners promised Bitcoin hashing energy of 140, 270 and 1020 terahashes per second respectively for its three mining rig fashions, which various in worth from $4500 to $30,000.

These figures, as cryptocurrency YouTube channel host MrSotko famous, instantly appeared suspicious, because the quickest rigs from different firms haven’t surpassed round 50 terahashes.

After analyzing the provenance of the executives, he mentioned, a sample started rising.

A Google seek for any of OnMiners’ alleged senior employees reveals their mugshots are inventory pictures, a few of that are already used elsewhere on-line. Within the case of 1 determine, would-be CMO ‘Megan Powell,’ the picture seems on web sites about errors made by feminine entrepreneurs and even fertility developments.

The accompanying names for the pictures don’t correspond to actual folks with verifiable skilled lives or careers.

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Sound Acquainted?

Bitcoinist subsequently found a basic lack of understanding on OnMiners’ web site, with no out there particulars as to the corporate’s precise whereabouts past a avenue title. Purported options in mainstram media press resembling Rueters had been additionally non-existent when trying to click on on the icons. 

Elsewhere, the picture of the corporate’s reception was discovered to be photoshopped from that of one other enterprise.

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Whereas ‘representatives’ have but to supply a response to the mounting allegations, OnMiners’ habits intently echoes notorious schemes from throughout the cryptocurrency trade which many have labelled as de facto frauds.

Among the many best-known is OneCoin, the Bulgarian-run operation which beforehand acquired warnings from regulators, governments and commentators alike.

After managing to accrue funds for a number of years, this month, the perpetrators of the scheme lastly hit a lifeless finish after US police arrested considered one of them, Konstantin Ignatov, on suspicion of wire fraud.

OneCoin’s whole funds are reported to have reached greater than $3.7 billion.

As Bitcoinist additional reported, shadowy habits has additionally come from firms which didn’t acquire a fame as untrustworthy till they all of a sudden imploded. Amongst latest examples was Cubits, the UK-based pockets and alternate platform which appeared to bankrupt itself final December.

Within the occasion, it appeared Cubits’ executives has ties to the then nonetheless practical OneCoin community.

Past duping buyers, nonetheless, the foremost menace to cryptocurrency customers stays distant assaults. As information has proven, situations of phenomena resembling cryptojacking have elevated by orders of magnitude since 2017, as criminals search to steal passwords to wallets or trick their homeowners into handing them over.

US authorities are additionally more and more conscious of SIM porting scams, through which an attacker convinces a cell operator to switch a sufferer’s SIM card to their management.

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Photographs courtesy of Shutterstock

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