Lianyungang police uncovered the "Baiye Chain" scam

Lianyungang Guanyun police recently conducted in-depth investigations and quick actions, and successively arrested Yang and others, a suspect who used blockchain investment fraud, and successfully destroyed the gang's criminal den in Zhengzhou, Henan. Computers, mobile phones, hard drives and other electronic equipment used in the crime were seized, and the amount involved in the case reached 290,000 yuan.

According to the investigation, during 2019, Yang used the "Bai Ye Chain" APP he purchased to deceive members into investing in blockchain on the software, promising that after purchasing a "mining machine", they could obtain high returns through mining, exchanging and trading coins.

In fact, the transaction method and process of "Baiye Chain Coin" on the software were all controlled by him in the background, and all the members' funds fell into Yang's pocket. Through in-depth investigation, the police found out that a member of a technology company in Henan Province provided technical support to the suspect even though they knew that the "Baiye Chain" APP required by the suspect was used for fraud, and illegally obtained 50,000 yuan. At present, compulsory measures have been taken against the three suspects involved in the case in accordance with the law, and the case is under further investigation.