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Chinese police arrest eight over 'rug pull' crypto scam

Authorities froze nearly $1 million of virtual assets as Beijing clamps down

China's top regulator banned crypto trading and mining in September last year in a bid to "root out illegal" cryptocurrency activity. (Source photos by Reuters) 

HONG KONG -- Chinese police have arrested eight people and froze nearly 6 million yuan ($946,000) worth of virtual assets involved in a crypto scam -- the latest move in Beijing's crackdown on cryptocurrencies.

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