Chinese Kunming Police Uncover a 53 Billion Won Cryptocurrency Fraud

Chinese Kunming Police Uncover a 53 Billion Won Cryptocurrency Fraud

Chinese Kunming Police Uncover a 53 Billion Won Cryptocurrency Fraud The Kunming City Public Security Bureau in China has reportedly uncovered a multi-level cryptocurrency fraud criminal group with a damage amount of 280 million yuan (about 53 billion won), according to Baidu. The mastermind, Mr. Lee, is accused of recruiting members through a typical MLM method of "you can share mining profits through cryptocurrency staking. The more people you stake, the more rewards you will receive," and embezzling the money they raised. As of April 2023, the MLM group is reported to have recruited 10,000 members, and the Chinese police have arrested 15 suspects so far. Previously on 15 May 2024: According to Baidu, the Kunming City Public Security Bureau in China is reported to have uncovered a multi-level cryptocurrency fraud criminal group with a damage amount of 280 million yuan (about 53 billion won). The mastermind, Mr. Lee, is accused of recruiting members through a typical MLM method of "you can share mining profits through cryptocurrency staking. The more people you stake, the more rewards you will receive," and embezzling the money they raised. As of April 2023, the MLM group is reported to have recruited 10,000 members, and the Chinese police have arrested 15 suspects so far.