China Police Crush $13 Million Crypto Ponzi Scheme


Though global security forces are doing their best in the battle against all forms of unlawful activities, ‘cryptocriminals’ are unrelenting in their efforts to make unsuspecting and somewhat gullible virtual currency enthusiasts shed tears. Now, the Chinese police force has crushed a $13 million cryptocurrency pyramid scheme.

Security operatives in the city of Xi’An, northwestern China have arraigned the creators of an illegal crypto‐based Ponzi scheme that allegedly generated at least 86 million yuan ($13 million) from more than 13,000 people.

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