Former Student Caught in Cryptocurrency Scandal
Date: 2024-10-14 Author: Oliver Abernathy Categories: IN WORLD
He was initially compared to the famous entrepreneur Ma Huateng and praised for allegedly donating 50 million yuan (about $7.07 million) to his university. However, as it turned out, this story was a lie.
In fact, Zhang did not make any donations and his biography was partially made up. Moreover, it turned out that he did not even graduate from university and has serious debts to various credit institutions. Among other things, he pretended to be an employee of the cryptocurrency platform FTX, which later went bankrupt. The deception was revealed when details about his real activities began to emerge.
This week, it was revealed that Zhang used a fictitious persona of a successful graduate to deceive his fellow students and others. He convinced them to invest in projects with the promise of high returns. However, instead of fulfilling his promises, he simply took the money and did not return it on time. One of the first to expose Zhang was his former classmate Huang Yifeng, who publicly called him a “professional scammer.”
Zhang promised to double his investors’ capital in a few months, but after receiving the money, he made various excuses not to return it on time. One of his excuses was that he was hospitalized in Hong Kong. As a result, several deceived people went to the police, and Zhang’s parents, who own a printing house, were forced to pay off part of their son’s debts.
However, Zhang’s problems did not end there. His rent arrears in Shenzhen’s upscale Bay No. 1 district continued to grow, and he also had about 6,000 yuan in online loans.
