He cryptocurrency investment boom has also spawned a number of scam projects. Recently, media reported that a cryptocurrency project called “TimeStope” is suspected of fraud and has already caused many investors to report to the police.
According to the report, the “TimeStope” project claims to be “the world’s first truly zero-risk cryptocurrency” and claims that as long as you invest, you can get high returns. The project also uses a lot of exaggerated language in its promotion, such as “daily yield can reach 10%” and “10 times return within three years”.
However, some investors found after participating in the “TimeStope” project that the project had no real content at all, but was just a “vaporware”. Investors’ investment funds were illegally possessed by the project party and could not be withdrawn.
In response, several lawyers said that the “TimeStope” project is suspected of constituting a fraud crime. Those who illegally possess the purpose of raising funds by publicly advertising to unspecified objects, using fraudulent methods to deceive investors’ funds, and the amount is huge or has other serious circumstances, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and a fine of not more than RMB 20,000; if the amount is particularly huge or has other particularly serious circumstances, shall be sentenced to fixed-term imprisonment of not less than five years and a fine of not more than RMB 50,000 or confiscation of property.
Reminding investors that when participating in cryptocurrency investment, they should be vigilant and not believe in high-yield propaganda to prevent being cheated.
The appearance of the “TimeStope” project once again reminds us that cryptocurrency investment is a high-risk investment activity. Investors must do a full risk assessment and avoid blindly following the trend. If you find a suspected fraud project, you should report it to the relevant departments in a timely manner.
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