Saturday, January 28, 2023

Chinese Plaintiffs Sues US-Based Alleged Crypto Scammer

The US-based crypto fraudster, who was promoting fake investment opportunities in a WeChat Group, has recently been sued by a group of Chinese investors.  

As per the report, the scammer misled the audience at the platform by promising them a profit of $200,000 in a day.

The six plaintiffs from China, Canada, California, Washington State and Georgia submitted their documents in the Federal Court for the Eastern District, alleging that the scammer named Sun was operating a stock trading academy. The academy has different courses related to investments.

While filing a lawsuit, the plaintiffs demanded the offender to return their initial investments along with the profit. However, the investors did not reveal the amount in public.

Sun, in his defense, said that he used to run a blockchain and digital asset-related investment group from 2016 to March 2020.

According to the reports, the fraudster faked the bitcoin trading statement to gain an audience and later, to make it appear credible in the crypto sphere, he distributed them through the WeChat group.

The documents submitted by the plaintiffs stated that the scammer presented himself to be an active bitcoin trader. In order to deceive them, the fraudster claimed that he used to place his orders every 365 days.

Further, it has been reported that Sun operated the WeChat group from June 2020 to July 2020. He regularly used to fake about his crypto trading among the WeChat audience and they believed him, even call him ‘God’.

In order to misled people, Sun released two screenshots in the chat group, just a day before he started raising bitcoin and investment capital. The screenshots released by him show his trading gain, which was 558.9 percent and 763.75 percent, respectively. Later, another screenshot was posted which shows that the transaction income of other contracts was 330.06 percent.

After raising enough money, he stated, “Withdraw the money and go to see the yacht tomorrow.

By the end of 2020, the investors got doubtful because whenever they used to ask the scammer to give back their investments, Sun always comes up with an excuse. 

Apparently, it can’t be confirmed whether Sun would provide refunds to the investors or not.

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