Deceived Chinese crypto investors have organized their own fraudulent scheme

Three Chinese residents lost money after unsuccessful investments in dubious cryptocurrency projects. To make up for the losses, they organized their own fraudulent scheme, Cointelegraph reports, citing a statement from the Service for monitoring the security of public information networks.

According to the Agency, an investor named Yang lost about 100,000 yuan (more than $14,000) contributed to the project based on a multi-level marketing model. Teaming up with two other investors who were also affected by the actions of scammers, he launched his own fake baiye Chain project and a related mobile app.
During their work, they managed to attract more than 20 participants to the project, who in total invested more than 300,000 yuan (~ $43,000. After losing this money, the depositors went to the police, after which young and his partners were arrested.

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