Turkish police busted a Chinese-run crypto scam ring that held 101 people captive as they worked for the illicit operation.
Why it matters: A three-year-long crackdown on cryptocurrency-related fraud in China has made it difficult for scams to run domestically. It seems scammers are still targeting Chinese consumers from abroad.
Indentured scamitude: Police forces raided the gang’s villas, where they found $200,000 in fiat currency, 712 mobile phones, 677 SIM cards, and 112 computers, according to a Google translation of a March 13 Turkish-language report from news agency Demirörenon.
Crypto pyramid: The operation was advertising a consultancy to help Chinese consumers who were looking to manage their crypto assets. “Hand over your virtual money to us, we will double it and give it back to you,” their online ads wrote, according to the Demirören report. The report does not specify whether the organization in fact doubled users’ money and gave it back to them.
Context: Crypto scams in China were abundant before 2017, when the government started cracking down severely on the industry. Known instances of Chinese nationals running crypto gangs from overseas are few and far between.
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