Chinese Police Arrest 8 People Related to $7.8M Rug Pull

Posted on by American Coins & Gold

Chinese Police Arrest 8 People Related to .8M Rug Pull
Police in eastern China arrested eight people and frozen RMB 6 million ($944,000) related to a RMB 50 million ($7.8 million) rug pull, according to a Jan. 14 post on a local police branch’s official WeChat account.Police from Anhui province’s Chizhou city conducted the investigation, which led them to three suspects in three provinces: Sichuan, Hunan, and Guangdong.Police also seized “tens of millions” worth of luxury cars and villas that the police said were bought with illegally obtained funds. The suspects eventually confessed to the crime, the police said.China issued its sternest ban on crypto trading and mining in September,…