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In mid-April, Mr. Zhong, along with more than 100 others, began to report to the police in Hunan Yueyang. Among them, the smallest loss was 20,000 yuan and the largest was 920,000 yuan. Before the operation account was closed and the book value was compressed for no reason, they always thought that they were helping the “project party” to “cut the leek” in the secondary market, and the leek would not be cut on themselves…

According to Yueyang local media reports in mid-April, about 600 people in Yueyang were caught in the so-called “Hanging Group Currency” scam, involving an amount of nearly 10 million yuan. In addition, according to the news from the official website of Hunan Province, Red Online, This scam started in Hunan and gradually spread to a nationwide “digital currency brushing bill” scam, which has developed nearly 50,000 members. Based on the initial principal of at least 20,000 yuan per person, the “funding plate” is at least 1 billion yuan.

Actually, the routine of “making money by moving your fingers” has already been seen. But if we add the endorsement of friends’ trust, the lively rhetoric of “can unconditionally quit” and the mystery of the blockchain technology, there are still people who are constantly “bowing into the game.”

I always thought that “leeks” would not be cut on myself

There is always a “friend” who claims to bring you money in the story of the deceived person.

On January 19 this year, Mr. Zhong came into contact with a platform called arw exchange under the introduction of a friend. A friend told him that he could work part-time through the platform and earn some living expenses. In addition, my friend also told Mr. Zhong that the money transferred to the platform is protected, and you can withdraw and leave at any time if you don’t like it after trying.

With a trial attitude, Mr. Zhong voted 20,000 yuan according to the minimum standard. First, I transferred the money to the bank card account of the so-called “currency acceptor” and purchased 20,000 ccny coins at a ratio of 1: 1The virtual currency specified by the arw exchange), then, the acceptor will transfer the ccny coins to the arw account that Mr. Zhong has downloaded and registered. After all the pre-operations are completed, all Mr. Zhong needs to do is to wait for the “instruction” and buy and sell at the determined time according to the amount requested by the other party.

According to the introduction of the “group owner”, buy and sell (previously known as “maintenance of digital currency market value”, later renamed to “inch position management”) The operation is performed every 4 days, and each time it takes only a few minutes to earn 300-600 yuan. After earning money, 30% of the single income needs to be turned over to the group owner, and the rest belongs to the operator.

Photo Source: Photograph by Respondent

At first, everything went well, and after every transaction, the book showed an increase of about 200 yuan. But on the day of March 20, Mr. Zhong found that his operation account was frozen. The explanation given by the “group owner” is that some members of other groups withdrew their funds without asking, affecting the entire Yueyang team, and everyone needs to “be jointly and punished”. On March 29, Mr. Zhong found that the original 20,000 yuan on the book was only a few hundred yuan, and he was “cut the leek.”

Bao Ma Xiao Chen was also brought into the pit by friends. A friend told her that she only needs a working capital of 20,000 yuan to participate in drainage. Not only does she no longer have to travel around and to breathe, she can also make friends all over the world. In addition, my friends have repeatedly assured that “drainage” is legally recognized. Xiao Chen chose to believe in friends.

Photo Source: Photograph by Respondent

In November last year, Xiao Chen invested 20,000 yuan to the arw exchange and began to “drain” to make money. It is also in accordance with the instructions of the “group owner” to buy and sell. In December, Xiao Chen applied for two small amounts of cash withdrawal. After approval, she successfully raised 4,000 yuan. The money available dispelled Xiao Chen’s concerns. Afterwards, although the platform used the excuse of “a smooth transition and avoiding run-off during the epidemic period” as the excuse to compress the amount on Xiao Chen’s account by 7%, Xiao Chen still chose to believe the platform and continued to purchase 2,000 yuan of ccny coins. The compressed amount is “filled in”.

On May 14, Xiao Chen didn’t wait until one day to earn enough money, “he left nothing.” Xiao Chen told the author that now the promoter has run away and no one can be reached. In addition, according to Xiao Chen, most of the victims she knows at present are treasure moms. Everyone’s original intention was to take their children and earn some living expenses while taking their children, but they all ended up in the pit.

On this side, arw hasn’t sang yet, on that side, vast has already been staged.

Xiaoxing in Hunan told the author that her mother was also exposed to the vast exchange under the introduction of a friend. The rhetoric is still the same: according to the instructions, you can earn hundreds of yuan every few minutes, and 30% of the profits will be paid to the group owner.

Unlike arw, the virtual currency used by the vast exchange is usdv, 1usdv=6.9 yuan. Under the instruction of the “group owner”, Xiaoxing’s mother first exchanged RMB to usdt on Huobi.com, and exchanged the exchanged usdt to the exchange platform, and then sold usdt to usdv. Of course, in order to avoid the trouble of currency exchange, the new members can also directly send money to the group owner, and the group owner is troublesome to operate, but they need to pay a certain handling fee.

In the end, although the group where Xiaoxing’s mother is located has not been frozen due to the private withdrawal of members, they were also cut off the leek because the platform privately lowered the currency price. Xiaoxing said that her mother’s group is about 10 people, involving an amount of about 400,000 yuan.

Everything is nothing but the continuation of the “Nine Nine Communities”

Lao Pan has long been committed to exposing various financial scams. He tells the penIn addition, the so-called arw exchange and vast exchange have all been formed by the fission of the “nine-nine community”, which is essentially a Ponzi scheme in the cloak of cryptocurrency and blockchain technology. It is also because of the essence of the “pulling heads” of various fission communities and the secret ways of member development. The so-called “Nine-nine Nine Communities” have a history of development in which the victims shared their experiences with each other and layered up.

Since the beginning of the operation of the “Jiujiu Community” project, Song Ke participated in it under the introduction of a friend. She told the author that “Jiujiu Community” was established in July 2018, initiated by 10 organizers, and is all associated with a transaction called Azure.

Image source: webpage screenshot

It is reported that the “Jiujiu Community” was engaged in related activities in the early days of the CSSCAC virtual currency exchange developed and operated by Hunan Asia-Pacific Alliance. In February 2019, there was a complaint online that the CSSCAC exchange illegally raised funds. Subsequently, in July 2019, the company changed the name of the exchange from CSSCAC to Azure.

According to Song Ke’s introduction, Azure Exchange is a self-built exchange that is completely controlled by the dealer and does not have the function of a normal virtual currency exchange. The operator can control the currency data at any time in the background, which is why the victim The amount of the book will be compressed for no reason. The “Jiujiu Community” is a fictional role of “project party” and “virtual currency trading” gimmick through the Azure Exchange to induce members to invest money. The funds will then flow to the community organizer’s pocket layer by layer through the COTC transaction method of the exchange website.

In November last year, many victims reported “Jiujiu Community” on the red website. For this reason, the Changsha Dafei Office reminded investors at the end of November that the “Jiujiu Community” had been swiping orders against virtual currencies. Do not invest.

At the sight of being officially targeted, Azure Exchange changed its name and changed its name to arw Exchange. Subsequently, around February this year, there was news that the arw exchange was planning to cooperate with an exchange called vast.

Photo Source: Photograph by Respondent

The relevant information of the currency express shows that the vast digital asset exchange platform was established in July 2019 and its registered place is in Hong Kong. Xiao Chen told the author that to switch from arw exchange to vast exchange, a new APP needs to be downloaded. According to Xiaoxing’s introduction, the vast exchange also requires members to download a sugarm software specifically for issuing operation instructions. The software prevents screenshots, and transaction information is regularly cleared, and victims often cannot save transaction records.

Switching to an exchange is often an opportunity for the platform to increase leek harvesting. Judging from the screenshots provided by the victims, members need to complete a 35% growth rate before transferring to the vast exchange. To complete the growth rate task, either continue to invest money yourself, or introduce new people to the market. Xiaoxing also mentioned that the platform’s claim to “follow in and out” is due to the existence of this 35% growth rate. It is precisely because new money comes in that only some people can successfully withdraw the illusion, but the platform is actually still manipulating the entire fund in the background.

What’s more, the platform uses the “exchange of currencies cannot be recovered” as an excuse All currencies are usdv coins), which directly harvested all the funds of the members.

Photo source: Photo courtesy of the interviewee

In addition, Lao Pan also told the author that no matter whether it was the “nine-nine-nine community”, the later arw exchange, or the now-developing vast exchange, the background will set the withdrawal limit according to the team and individual. The result is that some people can withdraw cash, and some people cannot withdraw cash. And those who can withdraw to the account consciously act as “maintainers”, “appearance” when the news that “the account cannot be withdrawn normally” appears on the Internet, and strive to maintain the reputation of the exchange.

Recently, when I browsed Baidu Post Bar, I found that the readers have new discussion objects: mark exchange, better exchange… Lao Pan told the author that the phenomenon of “new exchanges are endless” is in the currency speculation circle. It’s normal. Some people lose money in one project and always want to fight in another project. “Some people are consciously gambling, some people are obsessed with gambling.” In Lao Pan’s words, the speculation circle is very interesting, not worse than the entertainment circle.

Why is there a continuous flow of leeks?

Enter the word “virtual currency trading platform” on the webpage, and the search results are mostly warnings that government departments clearly stipulate that “do not illegally engage in virtual currency trading”, and “multiple places are cracking down on the MLM economy with “virtual currency” as a gimmick Crime” report.

On April 2nd, the “China Internet Finance Association” issued the “Reminders on the Risk of Participating in Speculation of Overseas Virtual Currency Trading Platforms”, pointing out that platform operators usually circumvent supervision by frequently changing the server address. Hard to recover. During the two sessions this year, Xu Nuojin, the deputy of the National People’s Congress and the governor of the People’s Bank of China Zhengzhou Central Branch, also suggested that we continue to strengthen the disposal of the virtual currency trading platform to prevent a resurgence.

But virtual currency never seems to be a “dead”. I recently saw the news that another virtual currency exchange is about to go online in the circle of friends of a speculator. The other party also said that the platform is based on the digital assets issued by the so-called “ERC20”, and then will continue to launch a series of efficient and stable market operation strategies such as trading airdrops and currency mining. For this circle, technical cloaks have always seemed to be a very advantageous method of blinding eyes. The technical gimmick that has been used repeatedly recently is the blockchain, and the phrase “to help users enter the blockchain without barriers.”

Regardless of the mysterious technical outerwear, the organizer’s routine brainwashing has undoubtedly contributed to the crazy growth of the currency circle leek.

So far, Lao Pan has revealed hundreds of different forms on the official account, but thisThe so-called “virtual currency trading platform” scam. In his view, “dreaming” and “great wealth” are ever-present and effective gimmicks, that is, the so-called building of wealth channels, realizing wealth freedom, and opening the mode of earning money…

Psychology writer Wei Lan pointed out to the author, The word “strong earning” and “you can make money by moving your fingers” happens to be a method for screening out people who are easily brainwashed. It was eliminated by the brainwashing group to avoid problems in the later brainwashing work.

At the specific operational level, building trust and creating a real sense of gain are often the “skills” of scam makers. Xiaoxing said when reviewing his mother’s deceived experience with the author, the initial investment of the deceived person was around 20,000 yuan. Since it is not an urgently needed money, everyone would generally not rush out. At the same time, the platform will create the illusion of “income can be taken at will”, so that everyone has always had the illusion that “the money earned can be obtained immediately.” In addition, the platform will also beautify brushing through a series of brainwashing courses, emphasizing that the members are “helping the project party harvest the money of peripheral gambling”, which is completely illegal.

In the process of communicating with multiple victims, the author also found that from the figures of the book, everyone is indeed making money at the beginning, and after approval, they can withdraw cash smoothly. This kind of “want to go” The illusion of “going” slowly let everyone down their guard. As the capital market grew larger, everyone realized that they were the leek.

At present, many victims of “Jiujiu Community”, “arw Exchange” and “vast Exchange” have jointly reported the case to the local economic investigation department. Mr. Zhong told the author that the case has been handed over to the Hunan Provincial Public Security Department by the Yueyang Economic Investigation Department, but is still waiting for the result.

Wu Changhai, a professor at the Capital and Financial Research Institute of China University of Political Science and Law, told the author that considering that the confessions of a few victims cannot reflect the full picture of the incident, the investigation of the case will face the problem of qualitative difficulties. There are two possibilities of fraud and MLM.

Xiaoxing told the author that the victims in Hunan are now slowly organizing their rights protection. Although they don’t know the final result, I hope more people will be more aware in the future.

(At the request of the interviewee, Mr. Zhong, Xiao Chen, Xiao Xing, Lao Pan, Song Ke are all pseudonyms)