Is vengeance on their side?
In a handsome twist of fate, this happened when a Chinese crypto investor along with cohorts, created a scam to get even with a hack that victimized him.
Hidden in the name of Yang, the person was reported to have initiated a fake investment scheme, shortly after he had lost his digital assets in a big multilevel marketing ruse. According to him, the most heart-breaking part of the incident was stipped off of equivalent 100,000 yuan.
With this, Yang contemplated starting a crypto scam of his own, devising a bogus mobile app.
He tagged along with two other crypto investors who were also two-timed by crypto scammers.
This creation was called “Baiye Chain.”
From the report, Yang and his accomplices grew the mining platform and obtained users by offering high returns for their Baiye Chain coins.
In a short period, they were able to gather 20 members, sparsely distributed in the regions of Lianyungang, Yancheng, and Huai’an, accordingly.
In terms of financial revenue, the ruckus made them 300,000 yuan richer in illegal funds. This can be converted to roughly $43,000 before the operation was shut down by the Lianyungang Guanyun Network Police.
With this crime, another case was added to the rising crypto crimes within China. Thus, the Chines Central Bank is issuing of trial procedures revolving around this.
In another case, the CCB has started to fare off with a digital currency electronic payment system and CBDC in a global sprint to record as the first country with an efficient and feasible CBDC.
As well, the People’s Bank of China, at various times, has claimed that their CBDC on the verge of launching and ready to be used. However, digital currency electronic payments (DCEP) are still being tested out in China.
While the finance sector is busy with these developments, the crypto scammers have temporarily impersonated CBDC test runs to profit digital funds, by compensating them for high returns on mature investments.