Chinese Victims of Crypto Scam Organize Own Scam to Recover Lost Funds
Main page News, China, Cryptocurrency
Hot topic
4 August
258 258

The Chinese police have arrested a group of people who had organized a scam to recover the funds they had lost in another scam they had invested, Cointelegraph has reported citing the Public Information Network Security Supervision Bureau.

According to the agency, an investor named Yang allegedly organized a fraudulent investment scheme after losing about 100,000 yuans (over $14,000) as a result of investing in a multi-level marketing model scam.

Yang contacted two other investors who had fallen victim to the scam and launched the mobile app and the Baiye Chain token together. More than 20 participants from different regions (Lianyungang, Yancheng and Huai'an) invested in the project.

Victims from the Lianyungang region reported the Baiye Chain organizers to the authorities. As a result, the police visited the company's office and arrested Yang and his partners. By this time they had stolen around 300,000 yuans (almost $43,000).

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error