Taking advantage of DOGE’s popularity, scammer rips off $119 million by promising huge returns with Dogecoin mining

According to Turkish news channel, NTV, a scammer tried to steal $119 million from investors by promising huge profits through Dogecoin mining. Crypto-related scams have almost grown stronger since the day the DOGE memecoin became popular with the public.

People were conned into buying DOGE and then investing it in a Dogecoin mining scheme

It is known that the identity of the scammer has been identified as “Turgut V”. He and his accomplices used many sweet words to entice the Turkish people that they would receive 100% of the profit when investing in Dogecoin mining technology.

As you know, DOGE mining works just like BTC mining, through an energy-intensive process called Proof-of-Work. In it, high-powered computers almost have to race to solve complex algorithms, and the winner will receive a reward in the form of cryptocurrency.

Turgut V tricked deer investors into buying DOGE and handing it over to him so he could invest in mining technology. After discovering the scam, the victims invited lawyers and filed a complaint with the Public Prosecutor’s Office in Küçükçekmece, a suburb of Istanbul.

Turgut V and several others on the team executed a very sophisticated plan. He invited investors to luxury villas and began his speech. Or sometimes, he will call Zoom and open with promises of huge profits.

And then whatever happens, the system then suddenly shuts down and Turgut V disappears. Everything went exactly as the scam scenarios were predetermined so far. The number of people cheated is up to 1,500. Even the system was stable for four months and when it was discovered that it was cheated, the victims were still bewildered because everything was going well…

Before this, the court issued an order banning Turgut V and his accomplices from leaving the country while the authorities investigated the case.

Cryptocurrency scams are becoming more common. In August, scammers tricked people in the UK into investing in a fake Binance Smart Chain service and ran away with $22 million.

Famous people’s names and images are often used to fool people into thinking that investments are legitimate. Last year, for example, $2 million was stolen in just two months in a scam that caused people to deposit BTC into fake accounts owned by Tesla CEO Elon Musk.

Musk is someone who is closely associated with Dogecoin. After the billionaire’s tweets of cheers and support, the memecoin is up 10,000% since October 2020. In May, he even talked about DOGE on Saturday Night Live.

Dogecoin even has its own platform and is working to make the asset a globally accepted payment method. The Dogecoin Foundation’s advisory board includes Ethereum co-founder Vitalin Buterin and Elon Musk representative, Jared Birchall.

At the time of writing, DOGE is changing hands at $0.266.


DOGE/USD 4-hour chart | Source: TradingView

Elsewhere, DOGE price initiated an upward movement on June 22 and created a higher low on July 20. On Aug. 11, it managed to break out above the $0.265 horizontal resistance area and proceeded to reach a high of $0.352 on Aug. 16. However, Dogecoin’s price has dramatically spiked over the past year on multiple occasions, always in part due to its extremely vocal community online – and not just Elon Musk’s tweets.

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