$2 million crypto graphics card counterfeit scheme busted in China
Several suspects have been apprehended in China for selling used graphics cards as new to crypto miners in a counterfeit operation, reports on July 20 reveal. Their modus operandi involved purchasing relatively new GPUs in bulk from miners, cleaning them, removing identifying marks, and repackaging them to appear as brand-new models. The arrest came after a year-long investigation by police in the Bincheng district of Binzhou City. During the operation, authorities discovered numerous mining enclosures missing their graphics cards in a warehouse. You might also like: China’s digital yuan hits $250 billion in transactions Seven people have been arrested in connection with the $2 million graphics card counterfeit scheme . The suspects, all Chinese nationals, are accused of producing and selling counterfeit graphics cards that look like genuine products from well-known manufacturers. The group exploited the current global chip shortage and the resulting hi...