Back

Macau Falls Victim to Cryptocurrency Scam

A digital currency mining company in Hong Kong has seen its owner completely disappear after accusations were made against his company saying that it conned resident investors into pouring a total of $2.5M USD. According to reports, over seventy investors were tricked into contributing to Forger Esports, an IT and E-sports provider launched in 2017.


 

Accusations

During a press conference, many of the affected investors involved in the elaborate scam by the company accused it of malicious activities. In January of 2018, representatives at the company stated that Forger Esports had already launched a cryptocurrency mining firm, Forger CCMS, in Hong Kong and would back its operations with an aim of developing anywhere between 40 to 60 services resulting in around $25.4K USD per month. Those investing in the project would then see solid returns on a steady basis.

The returns for investors the company promised to pay stopped last month and several attempts at contacting the company through calls and messages, even attempting to reach the owner through WhatsApp proved unsuccessful. Over a dozen of the investing victims contacted local law enforcement and about 10 others have filed police reports. Close to 150 contracts have been inked by the company, totaling around $6.3M USD in returns.

Scams involving crypto and ICO’s have plagued the industry for years as hackers and con artists continue developing and evolving in their methods and feeding off eager investors by making false promises of massive gains in return for their funds. Modern Tech, a Vietnam-based crypto-company also pulled a similar scam, claiming returns on a monthly basis of up to 40 percent before disappearing with investments of up to a whopping $660M USD this year. Earlier this week, an investigation was launched by the country’s ministry of security into another scam on a massive scale as the first one, this time aimed at another company called VNCoin.

Police then reported around $8.5M USD stolen from investors. The recent scam by Forger Esports follows directly next to another raid on a company in India called Ripple Future, a fraudulent crypto-firm luring investors in through Ripple’s distinguished name.

2 years ago

Start Weekly Digest

Similar news