Beijing’s crackdown on crypto continues at the start of the new year. China’s police cracked down on a multi-million dollar DeFi rug pull gang, seizing luxury cars and other assets. and arrested eight people associated with it.
According to reports atpublishedIn Nikkei Asia, the Chizhou Public Safety Office discovered a potentially 50 million yuan ($7.8 million) crypto scam, with police launching an investigation after investors lost 590,000 yuan worth of crypto in June last year. and from the investigation Eight suspects were found living in different provinces and arrested. and can seize luxury cars, houses, villas and other expensive items from defendants believed to have been bought using fraudulent funds.
The DeFi project scams investors with high-yield promises by bringing more liquidity to their money. The scammers laundered money from the anonymous Pool and took all the money. Chizhou’s security agency said:
“After investigation and analysis by the police It has been found that this is a case of illegal acquisition of cryptocurrencies using blockchain technology.”
Officials did not give details on what projects it was. But Chinese blockchain news website ChainCatcher said it could be a Gainswap token project.
Chinese police crack down on DeFi rug pull gang, seize luxury cars and other assets appeared first on Bitcoin Addict.