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Chinese Police Arrest 4 Suspects For Alleged $13 Mln Crypto ‘Pyramid-Scheme’

Published 04/18/2018, 02:53 PM
Updated 04/18/2018, 04:32 PM
Chinese Police Arrest 4 Suspects For Alleged $13 Mln Crypto ‘Pyramid-Scheme’

Police in China’s northwestern city Xi’an have arrested a primary suspect and three accomplices for a suspected cryptocurrency “pyramid-scheme” that is alleged to have defrauded over 13,000 investors of ¥86 mln ($13 mln), local news reported April 18.

The chief suspect, identified by his surname Zheng, allegedly began preparations for the scheme in October 2017, which used an altcoin called Da Tang Coin (DTC) and is linked to Hong-Kong registered firm DTC Holding.

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