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Exit Scam? Chinese Blockchain Pets Project Vanishes With Users’ Funds

A Chinese blockchain pets project named ‘Huadeng Block Pet Dog’ has apparently vanished, taking as many as 23 billion of users’ investment with it. The news was reported on August 6.

On August 2, ‘Huadeng Block Pet Dog’ sent a statement to its users, saying that due to the turbulence in Hong Kong, its team would move to Malaysia, APP would suspend all activities until the reopening on August 16.

If it hadn’t been listed on the Weibo (Twitter-like media) hot search in China, it would be hard to imagine that this crypto scam had so many users. Comments about the topic on Weibo read,

“Insomnia all night, all my deposits has been invested in.”

” Why someone are expecting its reopening on August 16.”

“I have invested 50,000 CNY in, getting mad, it is a totally crypto scam.”

It claims itself a globally unique, reproducible, value-added, collectible and non-tamperable blockchain digital pet developed on the basis of blockchain technology. Each pet dog are all unique individuals, cute, unique, and wealthy.

It describes itself as a blockchain pet + social, mining + trading platform, a large number of well-known scholars, business leaders, investment community, blockchain Heavyweights such as industry celebrities, covering a variety of business models, such as pet breeding, financial transactions, online malls, celebrity public welfare, etc., organically combining the sharing economy, blockchain new economy and other modes, and is standardized by the operation and meticulous service rules for users.

‘Huadeng Block Pet Dog’ has all the features of a crypto scam. There is a user capital threshold: users need to register, authenticate and activate their accounts at the crypto dog fair, and to pay deposit to adopt crypto dog. Price of five breeds of pet dogs is 100-15000 yuan. It gives profits if users attract others to join in.

“After investing 80000 CNY at the beginning, capital returned in two months, and the profits are steadily increasing. Then I decided to take a risk for the second time, I invested 130000 CNY in, waiting for capital return.”

Said by one of the victims, App of ‘Huadeng Block Pet Dog’ was temporarily closed after a month when he invest in. If his first earnings were included, he still lost tens of thousands of dollars.

Earlier last month, a similar Chinese crypto scam  has allegedly vanished with $3 billion worth users’ crypto deposits. Investors should take care of crypto Ponzi scheme and suspicious lending companies promising extremely high  return as it is becoming more seductive.

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