It all starts with the fact that one day there will be a new website in the Internet which offers to rent hashrates for producing of any popular cryptocurrency. For the reliability such resource often posts photos or even a video of the running farms. Masters of the photoshop and video editing can work miracles, so even experienced users can not identify a fake.
Further a large-scale advertising campaign is held, during which buy up banner spaces on all major resources and forums dedicated to cryptocoins. The advertising directs the flow of visitors who make the first purchases.
The next stage can be called velvet season. All buyers actually get the payments to wallets, and positive reviews about the service arise on the Internet, which attracted even more investors. This period may continue various time, some scammers managed to work stable for a year.
During this time those members who invested at first even able to return their investments and start working in a stable plus. This adds even more credibility to the service and is cheating of unsuspecting users that begin to buy more capacity. Eventually is formed the real Ponzi scheme: old members get payouts at the expense of new investments.
When the bitcoin cloud mining scam resource gaining an impressive number of depositors, one of the following scenarios occurs:
- It stops paying profit
- An error occurs when you try to log in to the account
- The complete removal of the resource
In this time the administration stops responding to emails or forums. Investors remained without their investments, which cannot be returned due to the anonymity of the cryptocurrency.