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OTC Traders Arrested for Running Illicit Bitcoin Loan Scheme

Anca Florentis by Anca Florentis
May 22, 2019
in News
Bitcoin scam

Two over-the-counter (OTC) traders from China have been indicted of operating an illegal bitcoin (BTC) loan scheme which involved collecting bitcoin and promising interest on deposits, according to a report made by Chinese newspaper The Beijing News on May 22.

The report stated that Yi Zhou and Xiang Li managed to manipulate traders into sending them their bitcoin funds under the promise of giving them interest on their deposits. Through this scheme, the traders have succeeded in gathering over 7,000 BTC (valued at approximately $54.7 million at the time of writing) from over 100 investors.

The investors became suspicious when the interest, which was paid in yen, stopped being deposited in their account since April.

It was reported that the two traders managed to gain the trust and funds of investors by using chat groups on the Chinese messaging app WeChat, where many OTC offers for various cryptocurrencies were posted.

The newspaper also revealed that a criminal investigation has been opened by authorities against the two accused and that both suspects are now under arrest. It is yet uncertain if the two Chinese traders were operating an illicit loan scheme or just took bitcoins from investors they defrauded.

The WeChat platform has banned cryptocurrency transactions at the beginning of this month, so the traders probably started their operations before the ban.

Featured Image: Cryptoconsulting

Tags: Bitcoinchinese tradersfraudOTC trading
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Anca Florentis

Anca Florentis

Investigative Journalist | Adoption Reporter | Human-Centered Crypto Storyteller
Anca Florentis is a journalist and market researcher whose work sits between investigative reporting and human-centered crypto storytelling. At TheCCPress, she covers adoption, market transparency, founder and company narratives, and the social consequences of crypto expansion across different regions. Her writing is built around people, incentives, and public trust rather than abstract market chatter.

“A strong crypto story should explain not only what happened, but who it affected and why trust changed.”

Profile
- Gender: Female
- Born: July 1993
- Based: Cluj-Napoca, Romania
- Company: TheCCPress
- Website: https://theccpress.com/
- Coverage Focus: Investigations, people, adoption, company stories, regulatory tension

Experience
Anca’s background spans financial reporting, fintech journalism, and crypto research. She has worked on stories involving European regulation, cross-border payments, DeFi adoption, and early Bitcoin use cases, which gives her a broad base for narrative journalism that remains grounded in evidence. At TheCCPress, she is especially useful when a story needs both reporting discipline and a human-centered angle.

Background
She studied economics and international business before deepening her work in digital media and communication. That combination shaped her reporting style: structurally aware, curious about systems, but still focused on the people and organizations moving through those systems. She is particularly effective on pieces where institutional language hides a more personal or social conflict underneath.

Achievements
Anca has contributed feature reporting, event coverage, founder interviews, and market-context journalism across European crypto and fintech topics. Her strongest contributions are stories that connect adoption or regulation with people, incentives, and trust rather than treating those issues as abstract themes.

Work Style
She writes with a measured investigative tone and tends to work from interviews, documented context, and narrative framing rather than short-form reaction. That makes her a strong fit for TheCCPress sections where the goal is to explain how a story unfolded and why it matters beyond a single market cycle.

Skills
Anca’s key strengths include investigative journalism, market research, founder and company profiling, regulatory reporting, feature writing, and cross-border crypto context. She is especially valuable on stories that need both narrative depth and factual discipline.

Additional Information
Within the new site structure, Anca fits naturally in investigations/controversy, people/founders, people/institutions, and selected stories/company-sagas. She helps TheCCPress sound more like a real editorial publication and less like a generic crypto feed.

Anca Florentis's Social Media Platforms
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