An investigation cited by BlockBeats on Aug. 11 said reporters from Qilu Evening News uncovered a virtual currency scam operation in mainland China built around fake "staking mining" offers. The scheme reportedly used a long grooming period and a highly disguised, assembly-line workflow. Scammers first approached targets on social platforms as ordinary users, then spent one to two months building trust through carefully crafted personal profiles, including claims such as running a maternity and baby store in Hong Kong, showing emotional attentiveness, and even mailing "Wong Tai Sin" amulets, while avoiding any early mention of investment. After trust was established, victims were moved to overseas private messaging apps including WhatsApp and Discord, where chat records could be deleted by both sides more easily. The suspects then pitched a "zero-risk" passive-income product tied to idle computing power and staking mining, persuading victims to download overseas crypto wallets and authorize fake mining contracts. According to the report, those contracts actually granted asset transfer permissions, allowing funds to be moved from accounts without a password. Small early payouts were also used to create the impression of genuine returns and draw in larger deposits. More than 30 victims have been identified so far, with total losses exceeding 3 million yuan and the biggest single loss above 300,000 yuan across several provinces.
BlockBeats reported on Aug. 11 that reporters from Qilu Evening News recently uncovered a virtual currency fraud chain in mainland China centered on so-called "staking mining." The report described the operation as long-cycle, highly disguised, and run in an assembly-line fashion.
Victims were groomed before any investment pitch appeared
According to the report, scammers first approached targets on social platforms while posing as ordinary internet users. They then spent one to two months building what the report called a strong personal image, with examples including claims of running a maternity and baby store in Hong Kong, showing empathy, and sending "Wong Tai Sin" amulets. During that stage, they did not bring up investment.
Once trust had been established, victims were directed to overseas private messaging platforms such as WhatsApp and Discord. The report noted that both platforms support two-way deletion of chat records, making evidence easier to erase.
The suspects then packaged the offer as a "zero-risk" passive-income program tied to idle computing power and staking mining, and urged victims to download overseas cryptocurrency wallets and authorize fake mining contracts.
The contracts allegedly allowed direct fund transfers
The report said the contracts in fact carried asset transfer permissions. That meant the scammers could move funds directly from victim accounts through the backend without needing a password.
They also used small early rebates to create the appearance of real profits, then pushed victims to add more funds.
More than 30 victims identified
More than 30 victims have been identified so far, with total losses above 3 million yuan. The largest single-person loss exceeded 300,000 yuan, and victims were spread across multiple provinces, according to the report.
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