A new group of fraudsters have been flagged and their money seized by Chinese police, who discovered a new scheme promoted by this criminals who sold fake tokens on Telegram. The Cops seized almost $15 millions (100 million yuan) worth of crypto from this scammers who had their business run on several telegram groups.
The group promised their victims to sell them Huobi tokens to their investors but that doesn't happen because this criminals sold fake assets, this ones couldn't be sold on exchanges, they wasn't legit Huobi tokens.
Accordingly to Chinese Ministry of public security that announced the news, the criminals sold fake HT to almost 1,300, to reach their intents the scammers created dozens of telegram groups to promote their fake smart contract and lure Investors with their "amazing" business who promised 8% in arbitrage.
The business ended up to be a scam, where the criminals sold astonishing $15 millions but fortunately the Police seized them. On the operation the police also seized luxury items such a Ferrari worth $430,000 and a McLaren from $570,000, totally of $1.15 million.
I am glad that scammers this time acted on time, beware from scammers!
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