Michigan police arrest man who stole $650,000 in fake crypto investment scheme
- —Victim handed over $500,000 in person and sent $165,000 via FedEx
- —Suspect Zhong Jiang, 34, had prior fraud convictions and was already in custody
- —Bail set at $400,000; next court hearing scheduled for October 29
- —Theft over $100,000 carries a maximum sentence of 10 years
Why it matters: The case highlights the rise of offline crypto fraud using courier transfers, where recovering funds is nearly impossible.
Source: Bithub