Chinese Police Seize Tens of Thousands of BTC, ETH, and USDT in a Massive Crypto Scam

Another huge scam related to cryptocurrency has been cracked down in China as the Wenzhou police have busted crypto scammers seizing everything they scammed out of people. Reportedly, the police have seized tens of thousands of BTC, ETH, and USDT worth $10.3 million from them as well as some luxury cars they bought with the stolen money.

Police confiscate McLaren, Ferrari, and top crypto assets

A Chinese article has been shared by the Head of Marketing at HashKey Hub on the 9th of July which reports the massive crypto-related scam in China. As per the article, the Chinese police have confiscated major luxury cars such as McLaren, Ferrari, and seized a large number of top crypto assets including Bitcoin (BTC), Ether (ETH), and Tether (USDT) from scammers involved in the big crypto scam. Limos and real estate property they purchased with the stolen money is worth over $1.8 million.

Tens of criminal suspects have been arrested by the Chinese police in the city of Wenzhou who were involved in this scam and were reportedly operating this fraudulent activity. The overall scammed amount is worth over 100 million yuan.

Suspects scammed victims via a Telegram Group

As per the report from the shared Chinese article, this case was first taken into notice by a victim named Li who reported it to the local police. According to Li, scammers scammed people through a Telegram group known as “Huobi Global Arbitrage HT Chinese Community.”

Li reported that the group owner posted some tutorials in the group and some members shared their point of view that these tutorials are profitable. In the advertisement, they developed a smart contract which claimed to create new HT tokens. Scammers asked people to send one unit of ETH and as a result, they will get sixty new HT tokens.

But when Li had sent them an amount of 10 ETH what he received, as a result, was an amount of 600 HT fake tokens which were not tradable. On this, LI went to the police and reported this crypto scam.

However, no rumors have been heard regarding the involvement of the crypto exchange Huobi in this scam so far.

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