China’s Shaanxi Province Cracks Crypto Fraud Scheme, Arrests Four Despite Crypto Ban

Mainland China, known for its stringent regulations on cryptocurrencies like Bitcoin, continues to face challenges with crypto investment frauds. Despite the nation’s comprehensive crypto ban, fraudulent activities persist.

According to local news agency Baidu, on July 31, law enforcement in the Chinese province of Shaanxi successfully dismantled a crypto fraud scheme, arresting four suspects. The alleged fraudsters deceived the victim, identified as Wang, out of 410,000 Chinese yuan (approximately $56,800).