Russian Arrested for Defrauding Buyers of Mining Hardware Worth Over $300,000 – Mining Bitcoin News

Police in the southern Russian city of Astrakhan have arrested a man accused of scamming people who want to buy cryptocurrency miners. Law enforcement officials said the suspect made millions of rubles through selling fictional mining equipment to Russian citizens and foreigners.

Investigators Claim Russia Sells Non-Existing Cryptocurrency Mining Rigs

A resident of the capital Kazan of the Russian Republic of Tatarstan has been arrested in Astrakhan, Southern Russia, for allegedly defrauding 10 local residents and some foreigners into trying to buy mining equipment from him. ta.

The Russians have been posting fake ads about cryptocurrency miners for sale and claiming to receive payments in advance. Law enforcement agencies estimate he could collect about 19 million rubles this way (about $315,000).

“According to the investigation, this young man posted online attractive offers for the sale of crypto mining equipment that he never actually had. He is now a defendant in a criminal case initiated under Part 3 of Article 159 of the Criminal Code of the Russian Federation (Large scale fraud), ”said the local department of the Ministry of Internal Affairs of the Astrakhan region.

A press release details that the suspect promised his victims that he would send them cryptocurrency miners as long as they paid him in full upfront. One of the buyers transferred 936,000 rubles to the bank account of the seller, who broke all communication upon receipt of the funds. If found guilty in court, the counterfeit mining hardware trader could face up to six years in prison.

Cases of fraud and theft related to cryptocurrency mining are on the rise in Russia, along with increasingly popular Mining digital currencies is both a profitable business for companies and an alternative source of income for many ordinary Russians. In June, $1.9 million worth of mining rigs steal from a mining hotel in Irkutsk. And in July, the masked men robbed a large crypto farm near Moscow.

Tatarstan, the home of the arrested fraudster, has become the site of Russia’s largest Ponzi scheme in recent years. The Finiko The pyramid attracts investors from Russia, the ex-Soviet space, Europe, and beyond with promises of sky-high returns in return for the bitcoins they send to the ghost entity. According to a report by blockchain forensics firm Chainalysis, the scam take more than 1.5 billion dollars worth BTC alone for two years.

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Arrest, Astrakhan, Electronic money, Cryptocurrency Mining, Electronic money, Electronic money, Equipment, Cheat, Hardware, Kazan, mining, Mining equipment, mining equipment, mining hardware, mining machine, mining rig, Russia, Russian, tatarstan, Theft

Do you expect to see a further increase in cases of crypto- and mining-related fraud in Russia? Share your thoughts on this topic in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Becoming a writer is in my nature, rather than what I do”. Besides cryptocurrency, blockchain and fintech, international politics and economics are two other sources of inspiration.

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