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The FBI has warned consumers about a newly discovered fake “play-to-earn” mobile and online game that lures victims into depositing cryptocurrency and then stealing it.
In a public service announcement (opens in new tab)the FBI said the elaborate plan has scammers contacting the potential victim first and trying to establish a relationship with them.
After a bit of back and forth, the scammers invited the victim to play an online or mobile game, in which players allegedly earn cryptocurrency rewards in exchange for a certain activity, “such as growing ‘crops’ on an animated farm,” the FBI said.
Deposit cryptos
But joining the “game” is not free – the victims must first create a cryptocurrency wallet and deposit some funds, and that’s where the real scam begins. The fraudsters would also later tell the victims that the more money they deposit, the higher the profit will be.
However, once the victim stops depositing additional funds, the scammers exhaust the wallet, never to be seen or heard from again.
In some cases, the FBI said, scammers will tell victims they can withdraw the deposited cryptocurrency if they pay an additional fee or tax. However, all this is only part of the scam where the victims end up losing even those extra deposits.
Play-to-earn is an emerging gaming model that shows promise in the democratization of earning through gaming. There are multiple games, all built on blockchain technology, that allow players to earn significant sums of money, often by generating valuable in-game assets, which can later be sold or rented out.
Until now, the only way to make money from gaming was to stream it or become a professional player. Both major projects require expensive equipment and countless hours invested in the game.
Via: Bleeping Computer (opens in new tab)
