Chinese police dismantle a $14 million crypto-currency scam

The Chinese authorities dismantled a major cryptomoney scam in Wenzhou. The scheme accumulated more than 100 million yuan (USD 14.31 million), which was seized along with several cars and luxury villas.

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According to Toutiao, the group has been operating since 2019 and mainly sought victims through Telegram chat groups, including one called „Huobi Global Moving Brick Arbitrage HT Chinese Group Community“.

ETH, BTC and USDT stolen from their victims

The report indicates that the fraudsters pretended to be investors who had benefited from an alleged „investment scheme“.

The fraudsters told their victims that all they had to do was send their crypt coins to a fake address in Huobi’s wallet, and the „investor“ would receive a more substantial amount in Huobi Token (HT) for doing so. Instead, they received a fake HT link.

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Mo Li, head of marketing at HashKey Hub, said through a tweet, that Chinese police had confiscated „tens of thousands“ of Ether (ETH), Bitcoin (BTC) and Tether (USDT).

False promises

The scammers convinced their victims that the scheme would guarantee them an 8% return.

The local media commented that the group was known to frequent bars and nightclubs, where they usually spent the stolen money. They allegedly rented out presidential suites in hotels when traveling in China, even renting out large office buildings to establish a headquarters for their illegal efforts.

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According to local police, more than 1,300 people reported being defrauded by the scheme, and the investigation is still ongoing.

The Chinese authorities also dismantled a group of suspected fraudsters on 21 May who were posing as officials from the Huobi exchange, which operated an over-the-counter (OTC) website.

Police arrested 12 suspects in Guangdong province who were allegedly behind the scheme after an investigation found that crypto currency trading groups in WeChat had been infiltrated since November 2019.

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