Huobi officials-claimed Scammers Brought Into Custody In China

By Brian Nguyen | May 21, 2020

The Chinese police have reportedly brought into custody 12 individuals, scamming victims by claiming to be exchange officials from Huobi, running an over-the-counter (OTC) website.

Specifically, a group of 12 men has been shut down by the authorities of Guangdong province, following an investigation discovering infiltrators have blended among members of WeChat crypto trading groups, since November last year. 

The scammers have reportedly convinced their victims to place investment in the fake OTC platform, which was a tool for processing their money laundering work, and then transferred the fund to offshore accounts. 

The local police report revealed that they have confiscated computers, mobile phones, bank cards, along with various other instruments connected to the investigation.

The scammers have reportedly published the details of their “good news” foreign Bitcoin speculation investment opportunity via a WeChat post. 

A victim has reportedly disclosed that he had sent RMB 100,000 to the account in the promotion on the fake platform, which helped to generate twice the amount of capital he put in in the beginning. The victim then reportedly conducted an RMB 3.1 million transfer to various accounts, after witnessing the false potential ROI of the deal. 

In February, a notice was sent to the victim, claiming that the project came to an end, and consequently took all his fund with it.

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