15 October 2026
Police In China Busted Massive Cryptocurrency Scam Worth $15 Million
Chinese Police arrested 10 crypto scammers for involving in the sale of fake Huobi tokens.
The group of scammers was successful in gaining 100 million yuan, the number of luxury cars and villas. However, later this all was seized by the police.
As per the news outlet Toutiao, the scammers were functioning since 2019, and generally targeted victims through Telegram chat groups, including one called “Huobi Global Moving Brick Arbitrage HT Chinese Group Community.”
The scammers act as investors who had benefited from an “investment scheme.” The crypto scammers asked the victims to send their cryptos to Huobi wallet address which was a fake one and the “investor” would receive a more substantial amount in Huobi Token (HT) in return. Rather, they got a fake HT link.
The police were successful in seizing “tens of thousands” of Ether (ETH), Bitcoin (BTC), and Tether (USDT).
The victims were promised that the scheme would guarantee 8% in returns.
The report states that the gang was familiar with frequent bars and nightclubs, where they would spend their stolen money. They checked-in in the presidential suites in hotels when they traveled across China and also rented office buildings to establish a headquarters for their illegal activities. Till now, 1,300 reported being scammed by the scheme and more investigation is in the process.
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