2 Chinese OTC Traders Accused of Illicitly Raising Bitcoin by Promising Interest
Cointelegraph
Published May 22, 2019 08:34AM ET
2 Chinese OTC Traders Accused of Illicitly Raising Bitcoin by Promising Interest
Two Chinese over-the-counter (OTC) traders have been accused of running an illicit bitcoin (BTC) loan scheme and collecting bitcoin by promising interest on deposits, Chinese newspaper The Beijing News reports on May 22.
According to the article, Yi Zhou and Xiang Li convinced traders to send them their bitcoin holdings by promising them interest on their deposits, obtaining over 7,000 BTC (nearly $54.7 million at press time) from over 100 investors. The allegedly defrauded investors first started cultivating suspicions when the interest — which was paid in yen — stopped arriving on time in April.
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Written By: Cointelegraph
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