Tea Tokenizers Arrested in China for Alleged $47 Million Crypto Fraud

Police in Shenzhen,¬†China, arrested six individuals who allegedly defrauded 3,000 Chinese investors out of $47 million by selling a cryptocurrency they claimed was backed by a commodity. The six suspects formed a firm based in Shenzhen called PEB, which beginning in January 2017 issued a blockchain-powered token dubbed Pu’er Coin.¬†According to the police investigation, though the firm had only a “very limited amount of the tea in stock,” it promised high short-term returns to investors in social media promotions and roadshows at high-end hotels.

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