Guizhou Economic Investigation: Beware of criminal risks derived from virtual currency “mining” activities

In recent years, the “myth of making wealth” in the currency circle has brought virtual currency into the field of view of more people, and it has also made many players rush to “mining”, the pre-link of virtual currency transactions. On September 24, 2021, 11 departments including the National Development and Reform Commission and the Central Bank jointly issued the “Notice on Rectifying Virtual Currency “Mining” Activities. Positive driving effect, virtual currency “mining” activities will be fully regulated and cleaned up. The “mining” activity itself has a relatively large criminal risk, and the public needs to pay more attention and take precautions.Guizhou Economic Investigation: Beware of criminal risks derived from virtual currency "mining" activities

Concepts related to “mining”

Virtual currency “mining” is to use a computer CPU and graphics card to run a special algorithm to calculate a solution that conforms to its specific rules. This solution is a virtual digital currency. Its essence is to generate a new block, and then encrypt the newly generated block and the original block together to form a so-called encrypted digital currency. In this process, the maintenance virtual currency platform will give some award

Criminal risks derived from “mining”

(1) Organizing and leading pyramid selling crimes. The popularity of virtual currencies such as Bitcoin continues to heat up, and the prices continue to rise. Many people want to make a fortune through “mining”, and more and more people are mining, but most people don’t know much about mining. Many criminals use this information asymmetry to attract some people to join his organization with the concept of “mining” or “mining machine”, and develop a certain level, continuously develop offline, organize and lead MLM activities crime.

(2) Illegal fund-raising crimes. Without any qualifications, some criminals, under the pretext of investing in “mining” and “virtual currency”, encouraged investors without professional knowledge to buy unequal shares on the grounds of high returns or guaranteed principal and interest payments. Illegal fundraising criminal activities.

(3) Crimes of destroying computer information systems. Taking bitcoin as an example, the core of bitcoin is the key, which is the certificate in the blockchain that identifies the user as holding bitcoin. Once the key is lost, the virtual currency becomes “dead currency” and is lost forever. When criminals know that others hold bitcoins, they often use hacking methods to remotely crack computers, steal bitcoin keys legally held by others, and commit crimes such as destroying computer information systems. (4) Fraud crimes. The richness effect of Bitcoin is like a whirlpool, which constantly attracts investors who do not understand blockchain technology to join. Criminals take advantage of the information blind spots of investors to build overseas platforms and promise to provide exchange services between RMB and virtual currency. After harvesting a certain amount of “leeks” Shut down the platform, cash out and leave the market; or provide fake blockchain virtual currency to exchange bitcoin or RMB, which is often suspected of fraud.

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