The title already spoke a lot about this matter. However, now let’s know in detail how some investors came up with a cryptocurrency scam in China and got red-handed by the police. Sounds quite a menacing one, isn’t it? So, let’s not waste any more time. Check this out and get updated about this horrible happening.

The News

Based on a very recent report, it came into notice that the Chinese police department has captured a scammers’ group as they introduced a brand new scam, a faux cryptocurrency strategy, in order to recover all the losses after they got deluded by numerous cons themselves related to crypto.

The Public Information Network Security Supervision Bureau made a statement in an article on WeChat that said that Yang, an investor, built up a false investment plan after being deprived of a sum of around 100000 yuan, which is equivalent to 14000 USD, to a cryptocurrency multilevel marketing project. He made a group with two other similarly deceived investors and introduced a brand new mobile application with a token known as “Baiye Chain”.

The report claims that this strategy made 20 such investors gather in Yancheng, Lianyungang, Huai’an, and many other places. The local police get to know this and immediately track them down and make a raid on their office in Lianyungang. On that account, Yang got handcuffed along with his group. They had already made an amount of more than 300000 yuan, nearly 43000 USD, in profits within then.

Scams Boost as CBDC Unfolds Looms

Another report arrived with the info that the crypto scandals in China have raised against CBDC pilot tests’ backdrop being continued in various regional cities. What the scammers are doing now is the impersonation of groups of “CBDC test” and making promises of more returns on the commencing investment amount which is actually starting from 10000 yuan, approximately equal to 1430 USD.

Adding to this, “the People’s Bank of China” made a clarification earlier this year that still there is not any timetable on an official launching of digital yuan.

End Line

So, that was all the information available for now about the specific fraud and anything related to it. Hopefully, there would be more updates coming regarding this mess. You must have gotten all the information you were looking for about this horrible phenomenon that really made the Chinese police department shook and exhausted.