China: $15 million Ethereum scam ends in Ferrari showdown

 

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.

Authorities seized a Ferrari, a McLaren, and a BMW. (Source: Toutiao)

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 

As per Toutiao, the group claimed to own a smart contract that generated Huobi Tokens (HT) issued by Huobi Global—a very popular exchange in Southeast Asia. Gullible investors were promised returns…


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