The crypto wave is still strong, and more people are warming up to the idea of investing in crypto coins. However, this has come with its fair share of risks and scams. We have seen influencers and celebrities promote pump-and-dump schemes, which have led to many people losing their money.
Another scam that has made its way into the cryptocurrency world is crypto miner bots on Telegram. But do these bots work? Here, we take a deep dive into understanding how these bots work and educate you on how you can protect yourself.
Illusion vs. Reality
The dream of getting quick and easy money often lures many people into scams. Most of these bots promise a lot to lure unsuspecting Telegram users. You will see an interface with charts and fake notifications and a bar displaying your growing Bitcoin or Ethereum balance.
However, mining crypto is an expensive and resource-intensive job. A Telegram bot running on your smartphone or tablet cannot compete with real mining rigs. The displayed balance and charts on the crypto miner bots in Telegram are fictional.
Telegram’s Crypto Ecosystem
Telegram’s crypto ecosystem is legit. It has various tools to help crypto investors run their daily trades or exchanges. Below are some of the tools available on Telegram’s crypto network.
§ Trading Bots
These are trading tools built on top of APIs. They help you track and monitor your crypto trades via Telegram.
§ Decentralized Exchange Agents
These are bots that work as front ends for exchanging tokens on DEX apps like Flipper. Users use these bots to relay instructions to the blockchain. These DEX bots or agents don’t facilitate mining or promise free coins.
§ Utility Bots
In a similar way to trading bots, utility bots do all the heavy lifting for you. They monitor things like price alerts or airdrop notifications. In addition, some utility bots monitor mining rigs for crypto miners, allowing them to control their machines remotely.
How Do Fake Crypto Miner Bot Telegram Scams Work?
The ball starts rolling once you try to access your earnings from the mining bot. The first thing they will ask for is withdrawal payments. Upon sending the fee, you will start getting errors, such as a system failure or a request to pay more money.
Another common scam these bots use is asking you to refer your friends for free tokens. This turns you into a promoter of the fake crypto miner bot on Telegram. In the end, you will not earn referral fees, and most of the people you invite will end up losing their money.
These fake bots might also convince you to sign up for premium services to get more coins. You then lose your money on non-existent services.
Staying Safe
Telegram’s crypto ecosystem is real, and it does work. There are many useful crypto bots and decentralized exchange agents that can help you manage your tokens and trade efficiently.
However, beware of bots offering free stuff. The physics and economics related to mining crypto coins don’t add up when it comes to crypto miner bots on Telegram.