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Crypto Scam: 70 Macau Residents Fell To A Mining Scheme, Losing $2.5 Million

About 70 residents of Macau fell victim to a crypto mining scheme scam in Macau. As reported by Macau News Agency, over 70 residents of Macau loosed an estimate of $20 million Hong Kong dollars ($2.5 million U.S.) to a mining scam. Forger eSports perpetrated the mining.

Crypto Mining Scam in Macau

The victims invested into a crypto mining project ran by forger esport, a firm into esport but ventured into cryptocurrency mining last year. The news of the mining scam is similar to its type that took place in Vietnam in recent time, where a mining firm named sky mining scammed investors about $35 million. The CEO of sky mining, Le Minh Tam disappeared after the embezzlement of investors fund. The CEO of forger esport has also made away with the investor’s fund.
The Macau victims fell into it by investing in the cryptocurrency mining project of forger esport, after the firm organized a seminar in which it invited investors to invest in its crypto mining center named “Forger CCMS,” last year. The investors were told by the representative of the firm that plans to create 40 to 60 crypto mining services were underway, that will lead to the output of over $200,000 HK dollars ($25,000) every month.
The values and goals of the firm as stated at the seminar made the participants inject their cash into the firm, as fixed profit was assured to investors. It was said by the victims that the firm had no problem as at May of this year. However, the turn of July led to the failure of keeping to promise by forger esport, as investors no longer get their fixed profit as was promised.
Dennis Lau, the owner of the company, was contacted via WhatsApp but to no avail. Further means to dismiss the claims of the investors before his final disappearance was even taken. The whereabouts of the founder are currently unknown, as he had also made away with all their investment.
The victims have however complained to the country’s financial authority as well as the police for assistance on the issues. Over 142 mining contracts have been signed, and the victims are requesting compensation to the tune of HK$50 Million.
Cryptocurrency scam of such event continues to taint the image of cryptocurrency. The local authority already issued a warning to financial institutions and persons to wary of related investment.

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