Chinese Cryptocurrency Mining Scam Reached $11M: Latest Crypto Fraud

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • A new digital currency Ponzi scheme from China has gulped nearly $11 million Bitcoin in less than a month of its operation.
  • AK is the authorized super node mining platform issued by CXC which is the basic composition application of the CXC ecosystem.
  • A press release revealed that AK decreases its supply by 18% every 90 days influencing the investors to invest in this exclusive opportunity.

A new digital currency Ponzi scheme from China has gulped nearly $11 million Bitcoin in less than a month of its operation.

AK, a super mining application group that operates on CXC chain

According to a report, a new Chinese crypto Ponzi scheme Antimatter Kingdom (AK) seems to have acquired $11 million worth Bitcoin in within a month of its regulation. During its launch at the beginning of April, the Antimatter Kingdom notified itself as a super mining application group that operates on the CXC chain.

AK is the authorized super node mining platform issued by CXC which is the basic composition application of the CXC ecosystem. AK is made of four main application modules: CXC obliteration mining, bit collision, CXC obliteration mining, and BTC soul mining.

A press release revealed that AK decreases its supply by 18% every 90 days influencing the investors to invest in this exclusive opportunity.

Investors are permitted to utilize AK’s cosmic capabilities via a variety of cloud mining schemes by exchanging BTC. They assure exponential returns in the form of constantly spreading the growth force for the source ecology.

However, AK has gulped over 180,000 Bitcoins, it seems that the nearly $11 million BTC was obtained by the scheme. A wallet linked with the scheme carries 1,607 BTC at the time of the report.

The emerging crypto frauds

Moreover, the crypto fraud figure has reached $4.3 billion in previous years. However, the fraudulent activities through different schemes have reached $3 billion combining the data of 2017 and 2018. Among them, 90 percent of the stolen funds emerged from mainly six broad schemes.

 

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