Michigan police make a cryptocurrency scam arrest over alleged $665,000 Bitcoin fraud

An Escanaba man who believed he was investing in Bitcoin handed over more than $500,000 in cash and shipped another $165,000 via FedEx, Michigan State Police said. The investigation led to the arrest of Zhong Jiang, 34, of Orland Hills, Illinois, in an alleged cryptocurrency scam involving approximately $665,000. Jiang was arraigned Monday in Delta County 94th District Court on one count of larceny by conversion of $100,000 or more. If convicted, he faces up to 10 years in prison. Investigators said the Escanaba resident had been communicating with Jiang, who allegedly presented himself as a cryptocurrency investor. The resident believed the money was going into Bitcoin; police said Jiang was not a legitimate investor or broker.

First reported by The Cryptonomist. This page is a short excerpt; the full text is theirs.