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Authorities in China Seize $15M in Crypto from Crypto Scammers

Police in China recently seized over $15 million in BTC and other coins and around supercars worth around $2 million from crypto scammers. The scammers acquired their ill-gotten wealth through the sale of counterfeits Huobi exchange tokens. According to a local media report in China, authorities managed to catch 10 of the scammers. The Chinese Ministry of Public Security, which oversees the nation’s police force, released the information.

How they Scammed People

The scammers would reach out to crypto investors via Telegram groups. They would then ask them to give them ETH in exchange for Huobi tokens. To entice people, they would sell the Huobi tokens at a discounted price. Various investors fell for the scam since they thought they could make a quick profit selling the Huobi tokens on the crypto market.

According to one victim of the scam, you would be asked to send 1 ETH in exchange for 60HT. The victim ended up sending 10ETH in the hope of getting 600 HT. However, when he did receive the tokens, they turned out to be fake tokens and he could not sell them anywhere. Li, the victim, then reported the incident to the police in China.

The First such Case

According to Chinese police, it is the first case of fake tokens in the country. The authorities revealed that the scammers had created thousands of Telegram groups that contained over 10,000 fake accounts, which were used to promote the counterfeit tokens.

The police also revealed that the masterminds of the scam were three and they had employed seven people. They managed to retrieve BTC, Tether, and Ether from the scammers. Besides that, they seized a McLaren and a Ferrari from the scammers. The police also seized a luxury vial that was owned by the three scammers.

 

While the police managed to seize the scammers, they did not reveal how they did it. In the recent past, crypto scammers have become a growing problem. Various sophisticated scams are being developed and the issuance of fake tokens appears to be the latest one. Another one that is growing is crypto giveaway scams where people are called and promised huge amounts of crypto if they pay a small fee in crypto.

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