China Authorities Arrest 6 People Related to GGP Crypto Scam (Global win-win Token)

Six people were recently charged by the Chinese police for their connection to a crypto scam. According to the reports from local media outlets, the police of the Jiangsu Province believes that these six fraudsters conned around 10,900 investors. They were able to get around $45 million USD from them.

The investors were led to believe that they were making a significant profit from their activities, but the money never appeared. The scam started around 2015 when the victims were told to invest in GGP “Global Win-win Token”. They would then use these digital investments in an online trading platform.

This scam was successful because it fooled the investors into making a trial investment and then promised to give them high returns after they invested more in it. The scammers even created a fake site that would show their returns.

Everything was fake, though. The company, the site, the tools, even the coin. One of the reasons why they managed to be able to do it was because they had actual experts in the financial industry as part of the team. The operation was very professional and well done.

They also used the blockchain buzzword. Not everybody in China is familiar with the term, so they made it seem like something revolutionary and used forums and propaganda to get the attention of people.

Now, however, the police were finally able to arrest the scammers and they will be charged for organizing a Ponzi scheme and for fraud. With the high number of people that were scammed, they will very likely be condemned for the crime.

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Author: Hank Klinger

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