- TON Turbo, built on The Open Network (TON), offered users the opportunity to profit by depositing crypto into Toncoin ($TON) mining rigs through a Telegram chatbot.
- The mining rigs promised almost doubled returns on the initial capital.
- TON Turbo project admins deactivated its X and Telegram accounts.
TON Turbo encouraged users to profit from mining $TON and $SHIB via a Telegram chatbot, guaranteeing almost doubled returns on the initial capital. However, users recently reported being unable to withdraw their money from the mining rig. Read on to find out what happened.
Users Unable To Withdraw Rewards
TON Turbo users pointed out that they couldn’t withdraw funds from the mining rig despite seemingly accumulating profits.
Mining is a consensus mechanism of Proof-of-Work (PoW) networks, which rely on users contributing their computational power to solve cryptographic puzzles. However, $TON uses the Proof-of-Stake (PoS) consensus algorithm, which relies on randomly selected validators to create new blocks and confirm transactions.
After aspiring miners expressed their concerns, TON Turbo’s Telegram channel replied that its deposit mechanism was a one-way corridor. Then, the project locked its chat rooms and disabled customer support.
The project previously claimed to have secured several major partnerships with TON, Shiba Inu, and the Telegram mini-game Dogs.
However, there’s no evidence of partnerships other than TON Turbo’s claims. TON Turbo admins haven’t commented on the matter.
Turbo deleted its X account after facing backlash from angry users on its Telegram channel, which has over 55K members. Telegram also labeled TON Turbo’s channel as a scam.
To Conclude
The number of users affected by TON Turbo’s deceptive mining rig remains unclear. Only time will tell how much money was lost to this alleged exit scam.
References
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
