Beijing’s crackdown on crypto continued with the start of the new year, with the Chinese police freezing nearly 6 million yuan ($1 million) worth of crypto and arresting eight people involved with it.
As per a report published in Nikkei Asia, the public security bureau of Chizhou unearthed a crypto rug pull scam that could be worth 50 million yuan ($7.8 million). The police began an investigation after an investor lost 590,000 yuan worth of crypto in June last year. The trail of the inquiry led to eight people living in different provinces. The police also seized luxury cars, villas and other expensive items from the accused that were allegedly purchased using the stolen money.