Police in Hong Kong have arrested three people accused of stealing HK$3.11 million (~$400,000) price of Tether (USDT) and seized nearly 11,000 pretend banknotes from their workplace. 

The three suspects allegedly satisfied a 44-year-old businessman to transform the USDT. They reportedly confirmed him bundles of money he would obtain in return earlier than instructing him to switch his USDT into the scammers’ crypto pockets.

Nevertheless, in keeping with an insider supply who spoke to the South China Morning Put up, “Except for two genuine banknotes placed on the top and bottom of each bundle, the others were bogus bills, known as training notes.” 

The supply stated that after the switch, “The merchant asked to inspect the banknotes, but the employees refused to allow him to check them, claiming that they had not received instructions from the store manager via phone.”

Learn extra: Hong Kong crypto crime triples, police dealing with 170% extra instances

The person reported the incident to the police final Friday. On Monday, police introduced they’d raided the workplaces and seized 10,978 solid HK$1,000 banknotes.

The notes look actual regardless of having Chinese language textual content printed on them that claims ‘practice coupon’ and so they lack watermarks.

Police arrested and accused a 42-year-old lady, a 24-year-old man, and a 40-year-old man of acquiring property by deception and possession of counterfeit banknotes. The three are additionally being questioned about comparable cases of crypto conversion scams. 

If discovered responsible, they might obtain a most of 10 years in jail for acquiring property by deception and 14 years for the illicit use of faux banknotes.

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