Fake Virtual Currency 'Staking Mining' Scam Uses Long-Game Social Contact and Contract Authorization

A new virtual currency fraud packaged as 'staking mining' has been flagged by Qilu Evening News, according to ChainCatcher. The scheme runs as a long con: fraudsters create polished personas on social platforms, chat with victims for one or two months, and then push them onto private overseas messaging apps such as WhatsApp and Discord. Victims are talked into installing a fake mining platform and signing a contract authorization, which lets the scammers quietly drain funds from the account. The pitch never mentions 'investment' or 'wealth management.' Instead, it is framed as 'idle computing power staking mining' and sold on claims of zero risk and steady returns. Small payouts are used early on as bait, drawing victims into committing larger amounts. Most of the victims identified so far are young people seeking side income. Known losses exceed 3 million yuan, with the largest single loss reaching more than 300,000 yuan, and victims are scattered across multiple regions. A lawyer's reminder carried by the report said virtual currency transactions are not protected by law, and anyone who is steered to overseas apps by strangers on social media or asked to authorize an unfamiliar contract should treat it as fraud and refuse any second transfer.