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Chinese Crypto Scam Fleeced Investors for Over Millions of Yuan

Individuals behind a cryptocurrency scam in China have cheated around 300 investors out of millions of yuan, police say. The Zhejiang Police Bureau has arrested over 20 people said to be involved with the online crypto scam.

The police bureau said that the group formed an online investment platform called “Quark PRO”last year. From 2018 to 2019, the accused reportedly attracted investors for an investment of $100(¥685) , soon after will the investors get  ¥440 profit.

“I received a wechat message from a stranger, who said that there was an investment platform called QuarkPRO and the return on investment was very high. The stranger told her that she can make a profit of ¥440 if she invests $100 in the popular cryptocurrencies such as Bitcoin on the platform.”

As one of the victims said, after she won the ¥440 profit, the stranger showed her screenshot that other people got high premium under the guidance of a “supervisor”, so she invested 30000 yuan under the guidance of the supervisor. But later, she didn’t get a return on her investment, the platform has been showed a loss of her investment in the end. She felt worried and called the police.

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As long as the victim invests a hundred dollars, the salesman can get the first commission. At the same time, the salesman observed the reaction of the investor after he got 440 yuan profit, analyzing the possibility that the investor would continue to be deceived, and recommended it to the “supervisor”. Then the “supervisor” instructs the investor to increase investment and controls the market by manipulating the technicians behind the scenes, so that the owner thinks that small profits and big losses are caused by the market, and finally returns empty-handed.

The group received training on how to add Weixin group, how to add friends, and how to induce investors. The whiteboard in the office writes the task of adding groups and friends every day, the salesman’s business objectives for the month, and updates the commission earned to motivate the group members.

The QuarkPro platform directly connects the personal accounts of the members of the group. Once the investors put money in, the loss will been formed. All the subsequently ups and downs are just a play. In order to be equipped with more professional skills, the group also provides the salesman with a all-dimensional lesson of blockchain, bitcoin and other related knowledge.

The arrest is another crackdown on fraud in the name of cryptocurrency in China.  Earlier this year, Chinese police in Xi’an arrested the founders of faux blockchain platform DBTC, which amassed over $13 million within a fortnight from some 13,000 victims.  All this events will enable the country make efforts to battle cryptocurrency fraud.

COMMENTS(3)

  • Vinent he
    7 days ago Vinent he

    Chinese Crypto Scam Fleeced Investors for Over Millions of Yuanhttps://news.8btc.com/chinese-crypto-scam-fleeced-investors-for-over-millions-of-yuan …

  • 8BTCnews
    7 days ago 8BTCnews

    Chinese #Crypto Scam Fleeced Investors for Over Millions of Yuanhttps://news.8btc.com/chinese-crypto-scam-fleeced-investors-for-over-millions-of-yuan …

  • CryptoOutsource
    7 days ago CryptoOutsource

    Chinese crypto scam fleeced investors for millions of yuan.

    Chinglish translation 🙂

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