Copy link
Increase text size
Decrease text size
Link copied

Chinese authorities uncover a cryptocurrency scam involving fake Huobi tokens

Chinese police arrested crypto scammers that ran a fake investment scheme since 2019.

Mon, 13 Jul 2020, 02:49 am UTC

A group of cryptocurrency scammers has been taken down by Chinese authorities in the city of Wenzhou. The police seized millions in cryptocurrencies, villas, and luxury cars from the group.

Chinese authorizes seized over 100 million yuan ($14.31 million) in cryptocurrencies from the scammers, who started their operations since 2019, according to Cointelegraph. The retrieved tokens include “tens of thousands” of Ether (ETH), Bitcoin (BTC), and Tether (USDT) according to a tweet by Mo Li, the head of marketing at HashKey Hub.

The police also arrested 10 people who operated a cryptocurrency scam that involved fake Huobi tokens, according to Bitcoin.com. The local media reported it as the “first criminal case involving smart contracts” in China.

The investigation into the group started when a Chinese citizen name Li complained to the police in April. Li joined “Huobi Global HT [huobi token] Arbitrage Chinese Community,” a Telegram group run by the scammers who posed as investors that benefited from an “investment scheme.”

Victims were instructed by the scammers to send their cryptocurrencies to a fake Huobi wallet. The scammers promised that in return, they will receive a more substantial amount of Houbi Token. However, what the victims actually received are just fake HT links.

“Simply put … transfer your ETH (ethereum) to the account designated by the other party, and the other party will return 60 HT (huobi),” Li told the police. “After exchanging, the HT value added part is the money you make, the profit is around 8%.”

Li was convinced by the smooth-talking scammers and transferred 10 ETH on July 3 to a wallet given by the group owner, which is worth around $1,714 or 12,000 yuan at that time. But what got Li in return were 600 fake HT coins, which could not be traded.

Authorities found out that there are more than 13,000 members of the Telegram group. However, more than 10,000 of these supposed members were idle “zombie accounts” while most of the staff and some of the members were just computer bots. At the moment, the police determined that 1,300 people have fallen victim to the scheme.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.07.20 10:58:12
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all .
  • 0
  • ·
  • 0
  • Moses
  • 2020.07.20 10:57:15
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all ....
  • 0
  • ·
  • 0
  • Alfredgraham
  • 2020.07.18 11:15:47
A fraudulent broker almost made away with my money but the recovery agent Mr Bart kasch got it back like he said he would. He is the best i have ever worked with and thanks to him i have my $80600 back in my account, you can reach him at [email protected] if you need help
  • 0
  • ·
  • 0
  • wilson
  • 2020.07.15 10:53:42
Do you know that you can earn daily, weekly or monthly profits from the comfort of your home? AONEINVESTMENT is here to actualize your dream to become a bitcoin millionaire, this company implement best practices of trading & earning in the forex market, and also offer suitable investemnt plans for those who will like to participate in this

Here is the investment plans

Invest $300 Earn $3000 in 3 days
Invest $500 Earn $5000 in 3 days
Invest $1000 Earn $10000 in 3 days
Invest $2000 Earn $20000 in 3 days
Invest $5000 Earn $50000 in 3 days


If you interested in this investment offer simply contact on email: [email protected] or whatsapp: +27633586789
  • 0
  • ·
  • 0
  • wilson
  • 2020.07.15 10:52:19
Do you know that you can earn daily, weekly or monthly profits from the comfort of your home? AONEINVESTMENT is here to actualize your dream to become a bitcoin millionaire, this company implement best practices of trading & earning in the forex market, and also offer suitable investemnt plans for those who will like to participate in this

Here is the investment plans

Invest $300 Earn $3000 in 3 days
Invest $500 Earn $5000 in 3 days
Invest $1000 Earn $10000 in 3 days
Invest $2000 Earn $20000 in 3 days
Invest $5000 Earn $50000 in 3 days


If you interested in this investment offer simply contact on email: [email protected] or whatsapp: +27633586789
  • 0
  • ·
  • 0
  • Chilton
  • 2020.07.14 16:23:59
CONTRACT HACKERS: WE CONNECT YOU WITH PROFESSIONAL HACKERS FOR HIRE!!

We are a growing hack organization that connects you with professional hackers for hire.

The purpose of this team is to manage clients queries without compromising on quality in order not to make them feel challenged to gain our assistance!

Our team doesn't stop at asking mere questions. We take your feedbacks, and work on every detailed complaints you may have.
Be it:

INCREASING CREDIT SCORES
SMARTPHONE HACKING
LOST ID OR PASSWORD
DELETED MESSAGES
CLEARING OF CRIMINAL RECORDS
LOST EMAIL ACCOUNTS
LOST FACEBOOK ACCOUNTS
HACKED ACCOUNT RECOVERY
STOLEN BITCOINS
PHISHING OF BITCOIN ACCOUNT
LOGIN ERRORS
SCAM DURING BITCOIN TRADINGS

And any other issue can be resolved by us without stress. Chat with us. The amazing thing is that clients' issues are resolved within hours every single day! TRY US TODAY! WE PROVE OURSELVES BEYOND EVERY DOUBTS.

For the fastest resolution to any issue, please contact our Support Center prior to submitting a request. You can remain anonymous for risk reasons.

[email protected]
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $11,698.80 (+0.11%)
  • Ethereum (ETH) $394.62 (+2.88%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $305.51 (+0.27%)
  • Chainlink (LINK) $13.25 (+25.02%)
  • Bitcoin (BTC) $11,698.80 (+0.11%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft