Cryptocurrency mining scam run via app busted in Bengaluru
- Monica philo
- Apr 23, 2022
- 1 min read
Four people associated with a now-defunct cryptocurrency investment app have been arrested by the city police for cheating dozens of people. But two kingpins, both foreigners, remain at large.
The scam started with the launch of the ShareHash app on Google Play last year. The app was installed by more than 50,000 people until the promoters pulled the plug on it in January this year.
The app offered cloud mining, which refers to a mechanism to mine a cryptocurrency, such as bitcoin, using rented cloud computing power and without having to install and directly run the hardware and related software. It allowed people to open an account and remotely participate in the process of cryptocurrency mining for a fee.
The app also offered users Nebra Helium Hotspot Miners (HNT), another cryptocurrency mining service.
The app’s founders launched an online hunt for local residents who could act as fronts for shell companies and in whose names bank accounts could be opened. Those who signed up and gave their personal details were offered Rs 50,000 to Rs 75,000 each.
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