Becoming the villain: scammed crypto investors start their own scheme in order to get their money back

• Chinese police have arrested scammers who launched a crypto scheme in order to gain their losses after being frauded themselves by a number of different cons within the crypto space.
• According to a recent article, one investor called Yang, created a fraudulent investment scheme after losing around $14,000 in self to a crypto MLM project.

“You either die a hero, or live long enough to see yourself become the villain.” 

This is a infamous movie quote from one of the best films (debatable) of the last 20 years, the Dark Knight. Funnily enough, this applies to today’s article as Chinese police have allegedly arrested a group of scammers who launched a fake crypto scheme in order to gain their losses after being scammed themselves by a number of different cons within the crypto space.

According to a recent article, one investor called Yang, created a fraudulent investment scheme after losing around $14,000 in self to a crypto MLM project.

After finding some friends who had similarly been scammed out of their own crypto, a fake mobile application was launched with a token called Baiye Chain. The operation ended up gaining 20 members in Lianyungang, Yancheng, Huai'an and other regions.

It seems that these guys definitely became “the villain” in this story.

There have been many crypto scams within China which have gained significant ground recently against the backdrop of CBDC pilot tests being carried out in many of the local cities of the nation. Many of these fraudulent individuals are now impersonating a test promising high returns on their initial investment. Some of these can start from $1400.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!