Chinese authorities arrest six suspects in $300m crypto fraud case

Law enforcement became aware of suspicious transaction patterns involving the suspects’ accounts, prompting an extensive investigation that led to their arrest. Authorities seized numerous bank cards and equipment during the operation.

The latest incident comes on the back of a growing prevalence of crypto-focused scams, and follows previous reports of such dealings in South Korea. On March 26, crypto.news detailed the arrest of fraudsters who swindled $4.1 million from a South Korean citizen under the guise of a crypto investment scheme.

Remarkably, authorities globally have also enhanced efforts aimed at cracking down on these schemes. For instance, Austrian authorities joined forces with international enforcement agencies to crack down on a bogus investment scheme that led to €6 million in losses for unsuspecting investors.

In a similar reported case last week, U.K. authorities arrested two individuals for leveraging a cloned version of prominent crypto platform blockchain.com to scam investors of $7.1 million.