A scam involving fake crypto exchange tokens, fast sports-cars, and mansions had all the ingredients of a Hollywood thriller—minus the bad guys going scot-free in the end.
This week, authorities in China busted a local scheme perpetuated by college kids looking to make a quick buck; with the latter ending up making millions in the process.
Over 100 million yuan ($15 million at exchange rates) were seized from a group of crypto scammers on Thursday. The stash was mainly all ETH, BTC, and USDT, apart from sports cars and real estate worth millions of dollars.
The group was not even sophisticated. They altered the old “send me 1 ETH and I’ll send 2 ETH back” approach—swindling over 1,300 victims.
Fake Huobi tokens
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