Chinese Tea-Based Blockchain Project Defrauds $48M From 3,000 Victims

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Blockchain is believed to disrupt finance, economy and society, but for now, it is fertile ground for fraud in China. Shenzhen police reported that it had arrested six suspects involved in a cryptocurrency fraud case that had raised RMB307 million (US$48.2 million) illegally from more than 3,000 victims.

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