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Illegitimate Cloud Mining Racket Clocks in Millions

FBI Investigates Network of Fraudulent Cloud Mining Sites Operated by HashFlare, Resulting in a Loss of $577 Million for Investors

Unveiling Cloud Mining: A Deceptive Business Operation Estimated at Hundreds of Millions
Unveiling Cloud Mining: A Deceptive Business Operation Estimated at Hundreds of Millions

Illegitimate Cloud Mining Racket Clocks in Millions

In the rapidly evolving world of cryptocurrency, scams are unfortunately all too common. With the recent disappearance of Gbitcoins in May 2025, leaving victims with empty wallets, it's more important than ever to stay vigilant.

Brave New Coin, a leading authority in cryptocurrency analysis, has identified a number of fraudulent cloud mining sites that investors should avoid. These include Byteminings.com, Incrypto.com, Bluestonemining.com, Scottminer.com, Cryptosace.com, Nftcolo.com, KKminer.com, Bitconemine.com, digitminer.com, nebulamining.com, simpleminers.com, sfcrypto.com, gdmining.com, astmining.com, chainmine.org, hashminer.pro, easymining.cc, and X.CGmining.com.

It's essential to remember that the probability of a cloud mining platform being legitimate is nearly zero, according to Brave New Coin's research. These platforms often operate as Ponzi schemes, promising guaranteed monthly returns of 10% to 40% through "automated mining."

To protect yourself, be cautious of unrealistic promises of high returns. Always verify the legitimacy of the website and company. Avoid sites that are recently registered or have no clear physical presence. Watch for phishing scams and suspicious emails offering to sponsor content.

Moreover, it's crucial to use secure wallets and enable two-factor authentication for enhanced protection. Be wary of operators who request additional fees under the guise of "unlocking" or "maintenance." Secondary scammers may also contact victims, claiming they can recover lost funds for a fee, which is a scam within a scam.

Notable cases of cloud mining scams include HashFlare, which is under FBI investigation for a scam amounting to over $577 million. Sunminer, launched in November 2023, also closed after stealing funds, and HappyMiner disappeared at the beginning of July 2025.

While cloud mining can seem appealing for its convenience, personal mining by buying ASIC hardware and mining at home is complex and expensive but allows the user to control the operation. Investing in publicly traded mining companies like Marathon Digital, Riot Platforms, or Core Scientific provides financial transparency and regulation.

Established mining pools like Antpool or F2Pool can be joined with one's own hardware, without entering into "pay-to-play" contracts. Bitcoin ETFs like IBIT or GBTC offer exposure to Bitcoin's price without the risks of mining.

Remember, the crypto space is frequently targeted by scams, so it's crucial to stay informed and vigilant. Always conduct your own research and consult financial advisors before making investment decisions. If you suspect a cloud mining scam, report it to relevant authorities such as the AMF in France, FBI in the US, or equivalents in other countries.

This article is written by Hugo Le follézou, an expert in SEO and web writing, who transforms news and technical analyses into digestible and impactful content about the crypto market. Stay safe, and happy mining!

In light of the recent disappearance of Gbitcoins in May 2025, it's crucial to be wary of general-news about potentially fraudulent cloud mining sites like Byteminings.com, Incrypto.com, and Cryptosace.com, as highlighted by Brave New Coin. Investing in such platforms often involves risks, as they often operate as crime-and-justice related Ponzi schemes, promising high returns through "automated mining."

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