Ethereum Mining ‘Scam Mastermind’ Flees Columbia for that Philippines


The alleged leader of the items police believe to become a ethereum (ETH) mining scam masquerading like a genuine “pool” has fled abroad.

Per Yonhap, officials stated that the man, aged 44 although not identified for legal reasons, had left the nation at the end of June – at about the time the police started to research the “pool.” Named, the “pool” claimed to permit investors the opportunity to buy ethereum and bitcoin (BTC) mining rigs, that your firm named Ethlot would work on their account in overseas mining centers. These centers, they claimed, were mainly situated in Kazakhstan and Russia.

The “pool” printed numerous videos and photographs of those “mining centers” functioning.

The organization, with a brick-and-mortar office in Seoul’s Seocho District, has unsuccessful to reply to multiple contact demands. The phone figures connected with the organization also seem to be unmanned.’s operators guaranteed investors a “guaranteed income” on the sliding scale – the greater they invested, these were told, the greater-quality machines they could buy.

Public buses in Seoul, Columbia bearing advertising, by having an Instagram publish claiming that investors can get massive gains. Source:

Anybody paying USD 6,225 could be prepared to make almost USD 120 each day, the pool’s marketing material detailed. Smaller sized-scale investors could be prepared to make USD 32 each day from the one-off USD 2,333 investment, the organization claimed.

However when these “guaranteed gains” unsuccessful to materialized, angry investors tried to recoup their – just for the organization to abruptly close the lid on on its website and many of their social networking channels.

Ethereum Mining ‘Scam’ Worth ‘Millions’ of Dollars, Say Lawyers

The Instagram and YouTube pages continue to be online – although neither happen to be updated previously couple of several weeks.

The pool’s marketing efforts were well-funded and aggressive – and incorporated advertisements shown on South Korean buses, in subway station, as well as on digital displays in busy public squares.


On June 27, reported that the Seoul Metropolitan Police Agency’s Financial Crimes Analysis Unit had launched a probe into both and Ethlot, and it was dealing with local forces throughout Columbia.

Law enforcement have previously made several arrests – and also have even taken the Ethlot Chief executive officer into child custody. However, lawyers representing several victims have claimed the 44-year-old who fled towards the Philippines may be the “true” operator from the apparent scam – and police officials appear inclined to agree.

The alleged linchpin was handed a travel ban when police started their analysis, but seems to possess evaded capture on his escape in June.

Yonhap reported the Financial Crimes Analysis Unit is thinking about asking Interpol to intervene.

Lawyers claim the “scam” claimed some 2,000 victims and accumulated “millions” of dollars price of investment.

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