Illegal bitcoin collection

Chinese Traders Accused Of Illegal Bitcoin Collection

Chinese traders accused of illegal bitcoin collection worth $56 million. The two accused traders Yi Zhou and Xiang Li tempted more than 100 over-the-counter (OTC) traders assuring a return interest. The information came from a regional newspaper report.

According to the news, 20 OTC traders registered a report against the two individuals in the Hangzhou city during April. The OTC traders claim that the two individuals tried to trap them masking illegal bitcoin collection as a loan scheme. They used a chatting app WeChat to post their offer to the OTC traders. The alleged traders’ inquiries about the various cryptocurrencies price to refrain from restriction Govt. exercises. They promised for the past two years to pay the interest on the trader’s bitcoin deposit.

The OTC became the only entrance for Chinese crypto traders after the banishment of ICO and fiat-to-crypto exchanges. Since early April, the accused started making excuses for the delays in the payment. The OTC investors then become skeptical about the two individual’s fraud scheme.

The Hangzhou police have filed a criminal case against Zhou and Li & taken them under custody. The legal practitioner says that the OTC traders motive is an important point to know the act’s nature.