Crypto scams are gradually gripping the emerging world of crypto and NFTs. In a cryptocurrency scam, a Chinese couple and a Sri Lankan con man looted almost 1400 crore from more than 8000 people. According to media reports, the trio has been alluring people to invest in a scheme and later disallowing them from withdrawing money. Though the government is taking adequate action, rising cases of scams worry investors who fear losing their hard-earned money.
Chinese couple and their tricky scam
The Chinese couple partnered with a Sri Lankan top con man to dupe people into Ponzi schemes since 2020. They presented themselves as a top business professional and tried convincing people to stake their money in a crypto scheme. Per the CID of Sri Lanka, the convicted trio used to call selective investors mainly based on their income status in a lavish hotel.
After running a crypto scam for two years now, the Chinese couple were caught at the Bandaranaike International Airport when they were trying to flee. Similar to the tricks fraudsters generally use, the trio also restricted the investors from withdrawing their money. The trio just vanished as soon as the money was transferred into their account.
The court granted bail to the Sri Lankan involved in the scam, who was arrested on October 11; the couple is still in custody. The SSP Thalduwa said that the convicts have been running the scam for quite a long time. They received a lot of complaints which finally led to catching the convicts, who, to date, have acquired 1400 crores.
India has registered the highest number of crypto frauds, and most scammers are duping people with proxies. Most crypto fraudsters belong to China; the government is initiating steps to curb the rising cases so that crypto investors can invest their hard-earned money in crypto.