Due to this pandemic, non-contact meetings has become an essential rule all across the world to prevent the spread of COVID-19. Many big corporates and officials are establishing or have established a new normal- work from home to lower their losses and maximize their profit. In the view of this, obviously all paper works are being avoided as much as it can be and are being done digitally. So what about money?
Obviously, during these days, digitally money has is a major boost to the economy as it has many advantages and so scams related to this money have also increased. From digital money, many are thinking about debit cards, credit cards and net banking. These all methods of digital paying are public and every transaction is being tracked which means that the person who is sending and receiving are known identities to each other.
One other type of digital currency is the cryptocurrency which is produced and distributed electronically. This currency is banned in many countries like India but it is being traded across European, Chinese and money other countries. One of the major advantage as well as disadvantage of this currency is its anonymity. The sender don’t know to whom he is sending and thus a major number of scams reported related to this currency.
The case we are going to study is the scam which is launched by the victims of the another scam with a goal of recovering their losses. Let’s investigate this strange case:
SCAM BY VICITIMS
One of the investors in China,Yang invested in a crypto currency project named network MLM. The investment amount crossed 1,00,000 yuans (a Chinese currency) and after further researching about this project, he found that he had been victim of a well organized scam and got cheated.
Instead of reporting this scam to the local police, he thinks of another way to recover his losses. He contacted another two guys who had been deceived by the same scam earlier named Zhang and Liu and collected them to organize a similar campaign and thus they build a network mining platform. They rent some resources and hired some people to operate this network.
After they had built a mining network, they launched a mobile app named “Baiye Chain” with the help of technology company in Henan Province to influence more people and slowly gradually, in merely just two months, the team was able to make an illegall profit of 3,00,000 yuans (triple the amount which Yang lost).
After sometime, the police network in Lianyungang Guanyun (the area in which scammers deceived victims) began to receive fraud complaints against this network and upon investigating the police found the blockchain investment made through Baiye Chain is being transferred to an account with the name Yang and it quickly captured him.
The case mentioned above is a big example of how revenge can turn an innocent to an evil. If Yang wants, he can easily report this scam to the police and could save others. Everyone wants to make big with no hardwork and thus we have arrived in this era where victims are making new victims just as an computer virus do. We should respect the humanity and think for the welfare of the people.