Beijing’s crackdown on crypto continued with the start of the new year, with the Chinese police freezing nearly 6 million yuan ($1 million) worth of crypto and arresting eight people involved with it.

As per a report PublishedThe public security bureau in Chizhou discovered a scam to pull crypto rug strings that was worth up to 50 million Yuan ($7.8 Million). After an investor had lost crypto worth 590,000 Yuan in June 2013, the police started an investigation. Eight people were found to be living in various provinces after the investigation was started. They also seize luxury vehicles and villas that the suspects allegedly purchased with the stolen cash.