- 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).
Source: ihodl.com
Comments
Post a Comment