Investor scammed $15,000 in alleged new Chinese crypto fraud

Investor scammed $15,000 in alleged new Chinese crypto fraud
2 years ago
2 mins read

A cryptocurrency investor has allegedly lost about $15,000 in a new Chinese cryptocurrency scam. In a complaint to Google, the investor revealed that the scam was through the Yuan Pay Group and Coindaq exchange.

Notably, the Coindaq exchange, is registered under the laws of the Commonwealth Dominica. The investor identified as Kazuo Kusunose notes that he intended to buy a new unspecified Chinese cryptocurrency after viewing a Google ad. 

Upon clicking on the ad, he landed on the Yuan Pay Group website where he purchased the asset via credit card. He was then redirected to the Coindaq exchange where he was asked to further fund his account and ended up spending $15,000. According to Kusunose:

“They were not selling the new Chinese cryptocurrency, but offering a cryptocurrency trade, and they scammed $15,000 from me.”

He added that the platform employed the tactic of changing the landing page once the ad was clicked. In his complaint, the investor is requesting Google to check into the ad to curb further fraud.

The reported ‘Yuan Pay Group’ ad.

The spotlight on Google

If the scam is confirmed, it will further cast the spotlight on Google which has been promoting cryptocurrencies despite existing strict crypto policies.

Back in April, Google’s subsidiary, YouTube faced a lawsuit for promoting cryptocurrency scams. However, there are also concerns regarding Google’s advertising platform. The platform still displays fraudulent crypto ads through its advertising network.

According to Google’s advertising policies, it does allow some crypto ads for crypto hardware products and crypto exchanges. By press time the Google support team had not responded to the complaint. 

To report any suspicious ads on Google please refer to “Report an ad“.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.