Another citizen is suspected of being deceived by investing in virtual currency, and the loss is up to 200 million yuan. Police earlier received a report from a member of the public that a fraudster suspected to have used commission as a solicitation to solicit a commission and manipulated a middleman to solicit investors to trade Tether (USDT) after finding a middleman on social media, from which he deceived members of the public into trading through the fraudster's e-wallet, and lost contact with him after receiving a large amount of money. The three persons in the case were suspected of being deceived at the same time, with the middleman reporting a loss of $3,3 in commissions, a 000-year-old male buyer losing $35 million in cash, and another virtual currency seller having no loss. The case was listed as "obtaining property by deception" and was handed over to the Technology and Wealth Crime Unit of Kwun Tong District for follow-up, and no arrest has been made so far.
Scam News. Dedicated Page|Scams are happening every day, every day Whatsapp scams, phone scams are reported instantly
According to the police investigation, a man suspected of committing fraud is suspected of claiming to be a virtual currency investor on different social media, so he met a 36-year-old man surnamed Zhang and a 35-year-old man surnamed Liao, and lured Zhang Nan to act as a virtual currency trading intermediary with a commission and tricked Liao Nan into Tether trading.
The fraudsters then met a 45-year-old man surnamed Luo Nan, a staff member of a shop in Kwun Tong and a virtual currency seller, through social media, who provided Zhang Nan with his e-wallet account information, claiming that Zhang Nan would conduct virtual currency transactions on his behalf.
In order to gain the trust of the three parties, the fraudsters instructed Liao Nan and Luo Nan to make a small amount of Tether transactions through Zhang Nan as an intermediary, and when the seller Luo Nan transferred Tether to the fraudster's e-wallet, the fraudsters would transfer the Tether to Liao Nan's e-wallet, so that the two of them believed that they could trade Tether smoothly. Zhang Nan received a commission from the transaction, and all three believed that the transaction did take place.
Subsequently, Liu Nan handed over about $200 million in cash to Luo Nan, and after receiving the payment, Luo Nan transferred about $200 million worth of Tether to the fraudster's e-wallet, but the fraudster lost contact after receiving the Tether. The intermediary, Zhang Nan, then called the police for help.
In the incident, Liao Nan lost 200 million yuan, Zhang Nan, who reported the case, failed to receive 3,000 yuan in commission, while Luo Nan did not lose anything. Police officers were reported to the scene and the case was listed as "obtaining property by deception" and handed over to the Technology and Wealth Crime Unit of Kwun Tong District for follow-up, and no one was arrested.
The Police appeal to members of the public to protect themselves by taking the following precautions before engaging in virtual currency transactions:
1) Use a reliable intermediary platform: Choose a reputable and reliable intermediary platform to trade. Members of the public can use the Securities and Futures Commission's list of unlicensed companies and suspicious websites for identification. These platforms typically verify and regulate counterparties, providing a more secure trading environment.
2) Know your counterparty: Before making a trade, try to understand the background and credibility of your counterparty. Review their website, social media data, and reviews to make sure they're a legitimate and trustworthy party to the deal.
3) Two-Factor Authentication: Enable two-factor authentication on the trading platform, such as SMS verification code, etc. This increases the security of your trading account and prevents unauthorized access to your funds.