China may have dropped out of the crypto race, but the country's crackdown on related crimes continues as police found a potential rug pull case.
China may have dropped out of the crypto race, but the country’s crackdown on related crimes continues as police found a potential rug pull case. The public security bureau of Chizhou city in the eastern province of Anhui has frozen six million yuan or nearly $1 million worth of crypto assets and arrested eight people for defrauding its investors since last year.
Chinese authorities have arrested eight in a rug pull scam involving 50 million yuan or $7.8 million in digital assets as the Beijing crackdown continues. Thesuggested that several investors were duped in a scheme that let the alleged perpetrators transfer the liquidity to an “anonymous pool,” thereafter laundering the funds without investors’ consent. It all started after an investor reported a loss of 590,000 yuan or $92,882 worth of cryptocurrency in June 2021. After conducting a thorough investigation, the Chizhou police arrested eight people from different provinces, including Guangdong, Sichuan, and Hunan, in December. The police also seized luxury cars and villas from the accused, who allegedly swindled money from investors.“After the investigation and analysis by the police task force, it was found that this case was a typical case of illegally obtaining virtual currency by using blockchain technology.” The police have not yet mentioned the name of the malicious DeFi project, but Chinese crypto-journalist Colin Wu
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