It is now about a year ago from one of the biggest Tron crypto scams. The loss of the users who have invested to this fraud was more 500,000 USDT. As minings.in which I've described in the another post, the website was offering 5% return of your investment daily, but you were able to withdraw only 3% of your investment.
Main info
Minings.live was one of the first bigger crypto scams. It worked for about 6 months and then the developers disappeared and took all the money from their gulible users.
The UI of the web app was easy:
There you could look at your assets, deposit, withdraw, change language or contact support on Telegram or WhatsApp.
There was nothing, only a gif and text Cloud Mining active.
Share was one of the most important parts of the website. It worked as a pyramid scheme; there were three levels of invitation:
- Level 1 - The person was invited directly by you. You receive 25% of his/her deposit.
- Level 2 - The person invited by your Level 1. You receive 10% of the deposit.
- Level 3 - The person invited by Level 2. You receive 5% of the deposit.
The percentage of deposits of your refferals was distributed to your Promotion account
You were only able to withdraw from one of your two accounts per day. For example:
You deposited 1,000 TRX and your friend also made a deposit of 1,000 TRX. You will receive 3% (30 TRX) of your deposited TRX to your Wallet account
However, your friend has deposited 1,000 TRX, so your Promotion account's balance is 250 TRX now.
So, now you are faced with a difficult decision. Will you withdraw 250 TRX from your Promotion account or you will withdraw 50 TRX from your Wallet account
Of course, if you aren't stupid, you will withdraw the 250 TRX first. However, this example shows us, how important was the promotion for minings.live.
Mine was an another really important part of the website. There you could choose from which account do you want to make a withdrawal and do the withdrawals.
The only limitations were that you can't withdraw more than the 3% daily and you also aren't able to withdraw more than one time per day.
How could it look legit?
There were four main reasons:
- You were probably referred by someone you know really close and you trust him/her (family, friends etc.)
- There were several positive reviews even on some trustful platforms such as Trustpilot.
- It had a Telegram group, where you could discuss with others and they could convince you about the functionality of the app with sending screenshots of profits daily.
- It was really paying out in the first months.
How could it work for six months?
The standard principle was easy. Because of very high refferal commisions. The main idea of promotion was, that the people will try to refer as much people from their surrounding.
The new users were paying the old users by their deposits. Because there was an exponential increase of the users, they were able to cover the cost of paying old users.
How to recognize this kind of scam?
- The annual yield is unbelievably high
- There are great rewards for promoting the website
- The refferal program may remind a pyramid scheme
- These scams often has really similar interfaces
- The support is only on Telegram or other places where you can chat anonymously.
- The support will probably use a free stock photo as a profile image
Some reviews:
They seemed legit at the time, promising investors that all is well during their maintenance period. But now i can no longer withdraw from my account, the site says funds have been withdrawn, but the funds never arrive at coinspot. It been like this since 12 - 15 Sept 2021 during their so called "maintenance period". To make matters worse all correspondence is being ignored. The telegram channel attached has gone quite. Im now pretty sure i have lost my investment amount forever.
Biggest Scam site. Lost my hard earned $12000. Though it will take me more 3 years to make this money. May the Lord Oh my God give the courage to all the Investors as they are in huge losses & special curses to the Group Admins & Owners for this fraud & scam site. May you'll die a miserable life. I hope you'll die in Covid, cancer or meet with an accident & be handicapped for the rest of your cursing life. Remember Karma is B!tch. It will come back to you one day. So enjoy till then. Goodbye. Really Disappointed. Even beggars & poor people have my respect but No respect to Scamsters & Fraudsters at all !
As you might see, scams aren't great for the environment, so please don't create new of them.
YouTube example of a promotion:
https://youtube.com/watch?v=FE4ZAH0etV0
There you can check the UI of the website. The video created by me.
https://www.trustpilot.com/review/minings.live
