Another USD 60 million scams busted and this time by a Reddit user

Reddit has been a great social network platform for crypto community to unearth some great facts about coins and tokens. It has also kept the community vigilant about the wrong happenings in the cryptoshpere. According to the latest news that has surfaced, a Reddit user named slinterfence, seems to have unveiled a new ICO scam and a criminal network.

ACChain and Puyin ICO’s in China are scams says Reddit user Slinterfence

As per the user, ACChain and Puyin Coin were Initial Coin Offering (ICO) scams from China. They were able to take between $60 to $100 million dollars from investors that place their funds in these projects. Already, six individuals involved in this issue were already arrested in Shenzhen China at the beginning of the year. TO quote the users reddit post

“ACChain and Puyin Coin were ICO scams from China. They took > $60M USD (some estimates $100M+) of investor money, 6 arrests were made in Shenzhen China earlier this year, and most associated people disappeared. This was reported in Chinese media as Puyin Coin but the connection to ACChain wasn’t made clear and it didn’t get picked up outside China.”

Slinterfence explains that Genevieve Leveille and Serena Yin were those in charge of the ACChain project. Leveille has appeared in different social networks claiming that they’ve raised $23 million into a new venture called Biolifechain.io. Additionally, Leveille was able to set up three companies in the United Kingdom and one in Jersey. Additionally, other companies were registered in Switzerland, Hong Kong, and other countries. All of these were set up at the same time, according to Chinese police.

The post further reads as

“On top of obvious fraud and securities violations, it seems to involve money laundering and tax evasion. I think it needs to be looked at urgently while they are still pushing that latest scam. No expectation of investors fetting anything back but just people getting ripped off would be cool.”

The post further states that  Leveille and the group of supporters decided to start nine other ICO scams and continue earning funds from users. He found that Leveille and Yin work or study in the United Kingdom. Additionally, Yin who seems to be a Chinese national and one of the biggest scams related to Chinese individuals. There is also a potential money trail that leads to Jersey (UK) since Leveille uses a number from there and different addresses from that place.

The user that was scammed says that the situation did not look like a cryptocurrency scam because the company did not just disappear with the money. However, he mentioned that there were some things that seemed wrong. In July, Slinterface was invited to be part of a private group of investors that provided evidence about some blocking issues and strange situations. Something was already not good.

As soon as the Reddit user published the pictures of the empty offices, the team started to say that these were all fake news. In one of the pictures taken, the PI was able to identify a former employee that he was able to interview in person. The company was already uploading older pictures because this person left the company in 2017.

As the author of the Reddit post mentions, Leveille doubled down again. ACChain posted a strange explanation everything about the office and employees, but they were not able to back their words with real-world evidence.

It’s an actually quite interesting how the user has researched and uncovered a scam and thanks to Reddit it is in front of the world or the world would have faced another ICO scam where investors would have lost significant money.

What are your thoughts on the investigation that the Reddit user has carried out? DO let us know your views on the same?