A fraudulent business dealer has been nabbed and is currently facing fraud charges served against him by his former investors. As he has been identified, Sun has been in operation from 2016 to March 2020 under the pretext of offering blockchain and digital asset investment.
The investment, which was marketed under the pretext of being very lucrative, promised returns of up to $200,000 per day.
The Epoch Times reported that the lawsuit which was filed in the Federal Court for the Eastern District, New York, included investors from China, Canada, California, and Washington and Georgia in the US.
Sun ran the scam on a WeChat group he created where he would share false investment reports showing how successful his Bitcoin trading investments were and painted the picture that it was a quick and easy way to make money.
His stock trading company also offered investment courses and tips. His victims who trusted him believed in his success stories and invested in him. Unbeknownst to them, Sun was deceptive to the extent that he created false bitcoin trading statements, which he shared with them.
When asked to refund, his behavior began raising eyebrows as he kept giving excuses such as tax and identity verification issues. This prompted them to take action and subsequently file the lawsuit against him.
While trading and investing in cryptocurrencies could be safe and lucrative, it is imperative to take necessary precautions and invest and trade through well-established and regulated institutions. In 2020, crypto theft amounted to approximately $513 million.