Advertisement
AD

Main navigation

Massive Crypto Scam Busted in China, With Ferraris, Villas and $10.3 Mln Worth of ETH, BTC, USDT Confiscated

Advertisement
Thu, 9/07/2020 - 11:28
Massive Crypto Scam Busted in China, With Ferraris, Villas and $10.3 Mln Worth of ETH, BTC, USDT Confiscated
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents
Advertisement

On her Twitter page, the Head of Marketing at HashKey Hub has shared an article about a big crypto-related scam gang that was tracked down in China with the participants arrested.

The crypto stolen from victims, as well as the luxury cars and real estate property they bought with it, was confiscated. The crypto stolen by the criminals and the property they bought with it is worth around 100 mln yuan. The gang has been in operation since 2019.

Scam
Image via Twitter

The "Huobi Global Moving Brick Arbitrage" scam

The scammers found customers via the Telegram group "Huobi Global Moving Brick Arbitrage HT Chinese Group Community" where the assumed investors shared their experiences of benefiting from an ‘investment scheme’.

They elaborated that all they had to do was send their ETH and other crypto to the company’s address and receive a bigger amount in Houbi Token (HT). To attract more victims, the scammers spread information that their investment scheme operated based on 'HT smart contracts'.

The promised gains were not so large that they would cause suspicion – eight percent, as per one of the sham investors who left feedback in the Telegram chat.

However, after one investor, Mr. Li, sent in 10 ETH, all he got back was 600 fake HT which could not be traded. He went to the police immediately.

Related
Canadian Citizen Almost Lost $90,000 to Bitcoin Scammers, Who Impersonated Local Authorities

10 con artists arrested: crypto, luxurious cars and villas confiscated

After a several month investigation, the joint efforts of the local police and the CAC (Cyberspace Administration of China) led to them tracking down the scam gang and arresting all ten members.

The law enforcement agents found that since 2019, the gang had managed to get 100 mln yuan worth of crypto from their victims ($10.3 mln). That included not only tens of thousands of ETH, BTC and USDT, but also luxurious cars (Ferrari, McLaren, and the likes) and villas.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards
ElmonX Unveils ‘The Scream’ NFTs by Edvard Munch For The First Time Ever
World's First Bitcoin Layer 2 Conference to Unite East & West in Hong Kong, April 2024
Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Our social media
There's a lot to see there, too

Popular articles