China busts huge crypto scam, seizes Ferrari, villas and $15 million

[Nostoman]

A group of alleged crypto scammers sold fake Huobi Tokens to their unsuspecting victims, says a local report.
Chinese police have confiscated 100 million yuan (roughly $15 million) as well as luxury cars and villas, worth around $2.15 million combined, from a group of alleged crypto scammers. The arrestees are suspected of selling fake Huobi tokens to over 1,300 of their victims, local news outlet Toutiao reported today.
Source: https://decrypt.co/35100/china-busts-huge-crypto-scam-seizes-ferrari-villas-and-15-million

[Noverteno]

Fraud has always been, is and will be. A particularly favorable environment for him exists in cryptocurrency, where you can always hide behind relative anonymity and use the opportunity to communicate from anywhere in the world. In such circumstances, it is very difficult for law enforcement agencies to identify fraudsters and thieves. It will be a long competition with varying success.
For me, the interesting thing is that it turns out that tokens can be faked. Previously denied such an opportunity.

[Leonardo]

With a country of 1.5 billion in population like China, I think there are a lot of scams because with that huge amount of population, there's a big number of people living in rural area, where it's difficult to get access with news and knowledge, and as a result, they are vulnurable to scams.
It's good to see this kind of news, though. Crypto world would be much better without scams.

[Rain075]

Very sad news. But China is huge populated country. Some issues should be happened but no problems.

[TomPluz]

China is the place where I guess there are more scammers and victims of scams. With the coming of cryptocurrency, scammers find a new and big market to explore and exploit. I am then thanking those in the government for pursuing these people and stopping them as soon as possible from victimizing more. This can be an ongoing fight as more scams can happen soon.