The youth have appropriated more than 5 billion from Bitcoin investors

The youth have appropriated more than  billion from Bitcoin investors

Due to the need to spend and repay money, the law gives false information about the source of Bitcoin virtual money for fraud and appropriates investors’ money.

On March 1, the Hanoi People’s Court held a first-instance trial and sentenced Tran Van Luat (29 years old, from Bac Giang) to 15 years in prison for “fraud and appropriation of property”.

According to the indictment, the law to provide false information that he had a source of bitcoin virtual currency to sell at a 7% discount compared to the market price was introduced around August 2019 because he needed money to pay off debt and repay fraud. , appropriation of property.

For investor confidence, the law buys bitcoin at list price and then accepts a loss on resale.

Around August 2019, Mr. N and a friend in Ho Chi Minh City posted online that they needed to buy bitcoin and left a phone number for the seller to contact. Law read the information should actively contact, the two sides met in a cafe in Ho Chi Minh City to exchange purchases.

Allegedly, on September 4, 2019, Mr. N and his friends agreed to buy 40 bitcoins worth more than VND 5 billion, discounted them and transferred enough money to the law. After receiving the money, the defendant sent Mr. N. a picture showing the transfer of bitcoins to an electronic purse. In fact, after receiving the money, the law used it to pay off debts and personal expenses.

After receiving the victims’ report, the police department arrested the law to collect VND 4 billion, the remaining VND 1 billion was not reimbursed by the law.

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