Crypto scam arrested in China, $15 million and a Ferrari recovered
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Answer Crypto scam arrested in China, $15 million and a Ferrari recovered
There are different fraud methods and methods in the cryptocurrency market, but they all share user money by deception and cunning.
Chinese police recently confiscated 100 million yuan (about $15 million) in addition to luxury cars and villas, worth about $2.15 million combined, from a group of fraudsters.
China’s local news agency reported,TutiaoToday, the detainees are suspected of selling fake Huobi tokens to more than 1,300 victims.
According to SourceThe Chinese Ministry of Public Security announced the arrest of 10 people who allegedly attracted potential investors through dozens of channels on Telegram, such as the “Huobi Global Arbitrage HT Chinese Community” channel.
Read:If you want a Bitcoin ETF in the US? Try to wait until 2023!
In these shady channels, the suspects promoted a smart contract that they claimed generates Huobi Tokens, the token for cryptocurrency exchange Huobi, allowing users to get 8 percent interest.
The fraud principle promoted by these fraudsters is as follows:
You send one Ethereum to a specific address, and you will receive 60 HT.
Then you can sell it to earn the difference between the prices!
One of the victims explained to the police that he sent 10 ETH to a suspected Telegram admin and received 600 HT coins in return.
On the other hand, he found that the coins he obtained were fake and could not be deposited or sold, so he filed a complaint with the police directly.
After investigating the case for over a month, police officers were able to identify and locate the individuals behind the alleged scam.
During the raid that followed, police officers arrested all 10 suspects in a luxury villa and commercial house in Cangshan District, Fuzhou.
At the same location, Chinese police seized dozens of cell phones and computers, as well as tens of thousands of digital currencies such as ethereum, bitcoin and USDT, and two luxury cars, a Ferrari worth about $430,000 and a McLaren worth $570,000.
Read:After the split … more than 30% of Bitcoin miners withdrew
The value of the seized properties is reported to be around $1.15 million.
The leaders of the fraudulent group have reportedly admitted their crimes, and it is worth noting that many of these fraudsters have only recently graduated from university.
Read also:
A user tells the story of his exposure to a new fraudulent method on a trading platform
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