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Former Baidu VP Denied His Connection To a Crypto Scam

Li Jing, a 27-year-old entrepreneur and the once youngest vice president of China’s search giant Baidu, denied his connection to a cryptocurrency scam, called “HYTCoin”, on his Wechat moments on Wednesday afternoon.

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HYTCoin, describing itself as a cryptocurrency exchange which adopts “ trade-driven mining + dividends” model , listed Li as the founder of the project on its website , and the founder of Coin Creation Bai Hongri was ‘appointed’ as the co-founder. But Bai said on personal Wechat moments that he was said to have backed the project.

The project stated in a press release that the cryptocurrency exchange was launched on July 1st and it had secured financing from ChinaRock Capital, BlockWater, Origin Capital and Transcendent Capital. The project also issued its token, HYT and token holders are able to enjoy relevant rights and interests. The aim of HYTcoin is to create a fully community-based world-leading digital assets trading community.

The project team soon promoted its token on social media platforms before it shut down the website and disbanded the telegram group on June 11th.

Some investors said they trusted the platform because of Li Jing’s so-called involvement in it, and some others claimed they borrowed money to invest in HYT. After the two famous ‘fake founders’ distanced themselves from the scam, investors felt anxious. But the project staff fabricated some lies, such as “this is the rumor spread by competitors”, “ those photos of the two’s clarifications  are airbrushed”, to retain their existing users. But It turned out to be a futile effort.

Li Jing lamented that HYTcoin is a “downright scam”. “ Most aircoin projects’ codes are ‘air’, but even this project’s team is ‘air’.It’s really an ‘eye-opening’ experience.”

It is reported that Beijing police has initiated an investigation into this case. And the project team seems to disappear at the press time.

 

 

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