CCTV has unveiled details of a significant fraud case involving the Wei family in Kokang, northern Myanmar, where blockchain projects were used as a front for financial scams. The Weijia criminal group reportedly utilized concepts like 'trust funds' and 'blockchain projects' to disguise their fraudulent activities. According to the investigation, a single fraudulent betting could yield profits exceeding 100 million yuan, with tens of millions considered small bets in Myanmar. Zhang Hanyi, deputy director of the Public Security Bureau of Quanzhou City, revealed that the fraud's total amount has reached nearly 6 billion yuan, with casino operations turning over about 10 billion yuan. However, due to international constraints, the full extent of the fraud remains unclear.
CCTV Exposes Massive Blockchain Fraud by Wei Family in Myanmar
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