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Chinese Victims of Crypto Scam Organize Own Scam to Recover Lost Funds



  • 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

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