Reddit user reveals fake projects that raised $60 million
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Answer Reddit user reveals fake projects that raised $60 million
I played the “R .” platformModify“Social plays a great role for the benefit of the crypto community in spreading some great facts about cryptocurrencies and projects.
It also kept the community vigilant about suspicious events in the crypto community. According to the latest news, it appears that a Reddit user named “slinterfence” has exposed a new ICO scam and a criminal scam.
ACChain and Puyin ICO are criminal scams according to Reddit user
According to the user, the “ACCHAin” project and the “Puyin Coin project” are an Initial Coin Offering (ICO) scam that originated from China. They were able to get between 60 and 100 million dollars from investors who put their money in these projects.Read:The “AAVE” project launches decentralized liquidity pools for enterprises
Six individuals involved in this case were already arrested in Shenzhen, China at the beginning of the year, according to what the blogger posted on the social platform Reddit.
ACCHAin and Puyin Coin were fronts for ICO scams from China. They took more than 60 million US dollars (some estimated as 100 million dollars) in investors’ money, and 6 people were arrested in (Shenzhen) China earlier this year, and most of the people associated with them have disappeared. This was reported in Chinese media as “Puyin Coin” but its connection to “ACChain” was not clarified and was not traced outside China.”
Reddit user Slinterfence explains how Genevieve Level and Serena Yin are the ones behind the ACChain project.
Genevieve Level appeared in various social networks claiming that she had raised $23 million in a new project called (Biolifechain.io). In addition, Level was able to set up three companies in the UK and one in the US state of New Jersey. In addition, other companies are registered in Switzerland, Hong Kong and other countries. All of these were launched at the same time, according to Chinese police.
“On top of the obvious abuses such as fraud and securities manipulation, the process also appears to involve money laundering and tax evasion. I think it should be looked at urgently while they are still trying to get rid of that latest scandal. There will be no anticipation of investors promoting nothing and it should not pass as a failure and a cold collapse.”Read:Binance gets important security approval for its iOS app
The post also states that Level and the group of supporters have decided to start nine more ICO-based scams and continue making money from users. He found that Level and Yin were working or studying in the UK. In addition, “Yin” who appears to be a Chinese citizen is one of the biggest scams related to Chinese individuals. There is also a potential financial route to Jersey (UK) where Level will use a number from there and different addresses from that place.Read:Today… HTC launch date in cooperation with Binance platform
The scammed user says the situation didn’t look like a scam because the company didn’t just disappear with money. However, he mentioned that there were some things that seemed wrong. In July, “Slinterface” was invited to be part of a private group of investors who provided clues about some of the ban issues and strange cases. And theSomething was really not good.
As soon as a Reddit user posted pictures of empty offices, the team started saying that this was all fake news. In one of the photographs taken, the principal investigator was able to identify a former employee who had been able to conduct the interview. The company was already uploading old photos because this person left the company in 2017.
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