Chinese Tea-Based Blockchain Project Defrauds $48M From 3,000 Victims


Blockchain is believed to disrupt finance, economy and society, but for now, it is fertile ground for fraud in China. Shenzhen police reported that it had arrested six suspects involved in a cryptocurrency fraud case that had raised RMB307 million (US$48.2 million) illegally from more than 3,000 victims. The company, Shenzhen Puyin Blockchain Group, raised money via issuing a type of tea token backed by one billion pieces of high-quality precious tea called Pu’er, a variety of fermented tea produced …

Chinese Tea-Based Blockchain Project Defrauds $48M From 3,000 Victims appeared first on China Money Network.


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