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Police Bust $156m Virtual Currency Scam: Xinhua

Authorities in Jiangsu province received a tip-off from a person trapped in the scheme operated by an investment platform called BBGO


Virtual currency
BBGO allegedly lured investment in non-existent plants and machinery dedicated to virtual currency mining. Photo: Reuters

 

Authorities say they have busted a virtual currency-themed online pyramid scheme that ensnared at least 110,000 people and 1 billion yuan (about $156.4 million), Xinhua reported.

Police in Suining, Jiangsu province, received a tip-off from a person trapped in the scheme operated by an investment platform called BBGO that lured investment in non-existent plants and machinery dedicated to virtual currency mining.

Read the full report: Xinhua
 


 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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