A large-scale fraud has been uncovered in the Chinese city of Chongqing. Attackers defrauded more than 2,000 people and stole 20 million yuan
According to one of the victims, Mr. Chen, he had always wanted to live in affluence. So he invested in different products, but not always successfully.
Since he had a secondary education and no investment experience, he knew that he needed to join someone who was more educated and experienced. That was to make him pay big dividends.
In 2018, he became interested in crypto themes. On the advice of a friend, he attended a lecture on blockchain. According to him, the information was presented dryly and too professionally.
People like him didn’t understand much of what was said. However, Chen has learned one thing well: cryptocurrencies are popular and will actively develop in the near future.
After collecting 100,000 yuan, he bought 50,000 ACC tokens, which were being actively advertised on the market at the time.
Token sellers provided aggressive advertising, promising a 10-fold increase in funds, as well as the ability to buy houses, cars at a significant discount.
A couple of months later it turned out that this project is a pyramid, and to get at least some dividends, you need to bring new participants. Chen realized that he had been deceived and turned to the police.
In October 2019, the police investigated and found out that the headquarters of the ACC project was located in the Jiulongpo District of Chongqing. During the investigation it was found out that more than 2,000 residents had been deceived. The stolen amount was equivalent to $3 million.
Four suspects who rented an office, engaged in advertising, started marketing activities with celebrities, were in charge of collecting and spending money. They were arrested in June 2020.
The victims have not yet received their money back. An investigation is still underway. The authorities warn investors about the high riskiness of crypto investments. Especially in the so-called Ponzi schemes. Be careful!