The Reddit user slinterfence, seems to have unveiled a new ICO scam and a criminal network. In a Reddit post uploaded almost a day ago, he explains that he tried to understand why an ICO investment went wrong, but he discovered many other things behind that.
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.
However, those members that were not captured by the police decided to keep with the ACChain part of the scam. It seemed that they were also trying to start a third new scam.
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.
However, the Reddit user explains that as he was reading and learning more about this project, new details were found.
On the matter, he wrote:
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.
Slinterface says that Leveille and the group of supporters decided o 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 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.