Blockchain News

Chinese Police Dismantle Major Crypto Scam

The Chinese authorities have dismantled a major Crypto scam in the city of Wenzhou. According to a report in Cointelegraph, the scam had accumulated at least $14.31 million.

Toutiao has said that the group has been operating since 2019 and primarily sought out victims through Telegram chat groups.

List of stolen’s from victims

According to the report, the scammers pretended as investors. The scammers told their victims that all they had to do was send their cryptos to a fake Huobi wallet address. The group was known to frequent bars and nightclubs, where they would spend their stolen money. The allegedly rented presidential suites in hotels when they traveled across China, and even rented out large office buildings to establish a headquarters for their illegal endeavors.

The police has arrested 12 suspects believed to be behind the scam. A report also confirmed that WeChat crypto groups have been invaded since 2019.

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