Ethereum

China's law enforcement authorities have arrested seven people. They are linked to a $2 million counterfeit graphics card scheme. It involves used graphics cards being sold as new, according to <a href="https://crypto.news/2-million-cryptocurrency-graphics-card-counterfeit-scheme-busted-in-china/" rel="noopener noreferrer nofollow">crypto.news</a>.&nbsp; 
These suspects bought GPUs in large numbers from miners. They then erased any identifying marks and repackaged the GPUs. This made the used graphics cards look brand new. 
This scheme was active in Bincheng district, Binzhou City. After a year-long investigation, the police made the arrests. During the operation, they found many mining enclosures in a warehouse. They noticed these enclosures were missing their graphics cards. 
The group exploited the ongoing global chip shortage. There is high demand for graphics cards, causing increased prices. Many customers paid more than normal for the cards. Unaware, they fell victim to the <a href="https://ultramining.com/news/en/rushydro-warns-of-pervasive-mining-scam-thousands-of-devices-stolen/" rel="noopener noreferrer nofollow">scam</a>. 
Crypto prices have surged in recent years. Miners need to regularly upgrade their equipment to compete. This is especially true for proof-of-work networks like Bitcoin, Litecoin, Ethereum Classic, and Monero. 
Despite the lucrative mining industry, GPUs are scarce. Their demand extends beyond crypto mining. This demand has led to the refurbishment and selling of used GPUs as new ones. 
Subscribe to our Telegram <a href="https://t.me/ultraminingcom" rel="noopener noreferrer nofollow">channel</a>! Only the most interesting stuff there

$2M Counterfeit Graphics Card Scheme Busted

Ultramining_Eng

Other articles published on Jul 24, 2023

Worldcoin to Roll Out 1,500 Orbs in 35 Cities Globally This Year

Ripple Unleash CBDC Experiment Across Europe as XRP Futures Contracts Skyrocket to $1.2B High

Nigerian Social Payments App, Bundle, to Shut Down Crypto Exchange Arm and Focus on Payment Solut...

cheqd Introduces Creds: A Private & Secure Solution To Build Trust and Protect Against AI

South Koreans Are Focusing on These Altcoins: Unusual Volume Spikes Monitored

Potential SEC Appeal Won’t Significantly Impact XRP Market

Join our free newsletter for daily crypto updates!