Chinese fraudsters sold for $ 47 million tokens provided tea

Yesterday the Commission on securities and stock exchanges of the USA launched the fake ICO, to teach investors to distinguish the fraudulent from the real projects. Cryptocurrency allegedly provided with “government guarantees”, approved on the project site. Chinese scammers has surpassed the SEC — during the year were sold to investors tokens provided tea. And earned $ 47 million, writes Coindesk.

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The criminal scheme were six people — they were arrested by the police of the province of Shenzhen. According to the investigation, from January 2017 on behalf of the company PEB Scam offered to investors to invest in tokens from PU’er Coin, provided PU-erh.

In the contract with the company stated that the investors have the right to exchange their tokens for Tibetan tea in stock PEB. The creators of tokens claimed that the products are highly appreciated in the market and worth “billions of dollars”.

The investors have agreed not to cash the tokens promised a 12 percent annual return. As the police found out that stock of the company kept only a few pounds of tea, but the crooks managed to sell the tokens in the amount of $ 47 million.

The arrest of the entrepreneurs was preceded by a fine for disseminating false statements in advertising of $ 20 million imposed by the PRC State administration for regulation of the market. Now to malefactors threatens till 15 years of prison.

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