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50 victims loss around 100 million yuan in Bitcoin miner fraud

24 June, Anhui-On the eve of the Spring Festival in 2018, nearly 50 victims from various parts of the country reported to the Xiangshan Branch of Huaibei Public Security Bureau, claiming that they were deceived by a local young man named Zhang, who cheated nearly 100 million yuan by selling bitcoin miners. They got to know Zhang all through internet.

Zhang had previously claimed on the Internet that he could get a large number of low-priced bitcoin miners. As previous orders were in small amount and Zhang managed to deliver miners in time. As he could offer machines at price lower than market rate and delivery was stable, he soon collected order of several thousands.

Ms. Fu, one of the victims, said:

“I knew him through WeChat. He said that source of supply was stable and we could only place order through him.”

Actually the miner delivered by Zhang was acquired at the price of over 30, 000 yuan and then sold at a loss. During the whole month of January 2018, he received order of over 1,000 units, which means if orders were to be fulfilled, he would take a loss over 20 million yuan.
In mid-January, he vanished as he could no longer sustain the loss. Two months later, Zhang turned himself in as buyers were demanding for goods. He told the police that he spent some money in buying miners and houses and cars.

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Zhang was arrested for fraud and the case is pending for further investigation. CCTV video report could be found here.

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