Ferrari, McLaren and $15M in Crypto Seized as Chinese Police Bust Arbitrage Scam

Chinese police have seized over $15 million in crypto and supercars worth $2 million from the alleged operators of a novel scam that sold counterfeit tokens. In an article published Thursday, Chinaࢀ™s Ministry of Public Security, which oversees the countryࢀ™s police forces, said police in the city of Wenzhou has arrested 10 individuals suspected of operating the fraudulent scheme. The criminal case is the first in China where victims were allegedly scammed using blockchain smart contracts to generate fake cryptocurrencies, the ministry said. Police seized amounts of the bitcoin , ether and tether cryptocurrencies with a total worth of over…