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Chinese Authorities Confiscate $15 Million in Cryptocurrencies, Arrest 10 Scammers

news.bitcoin.com

The authorities began investigating the case after receiving a complaint in April from Li, a Chinese citizen who joined a Telegram group called “Huobi Global HT huobi token Arbitrage Chinese Community.” However, when Li transferred his 10 ETH, worth 12,000 yuan ($1,714), to the account provided by the group owner, the other party returned 600 fake HT coins that could not be traded, Li claimed.

The report elaborates: The police also seized real estate and luxury cars, such as a Mclaren and a Ferrari, worth more than 13 million yuan. Cryptocurrency exchange Huobi, whose coin was the subject of the scam, had previously warned about a similar scheme promoted by a Telegram group called “Huobi Global official risk-free arbitrage group.”.

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