The police have been able to reveal more on the Chinese couple Shankai and Wan’s cryptocurrency scam. More than 8,000 people have been scammed using a computer app that indicated that profits are accumulating into their accounts.  Sri Lanka Police arrested three more locals suspected to have been involved in the cryptocurrency scam that was run by a Chinese couple, Police Media Spokesman Nihal Thalduwa said on Saturday.

SSP Nihal Thalduwa said the alleged fraud suspects have been entreating the would-be victims at five-star hotels and built up a network of investors who confidently invested in fake accounts that were manipulated had invited selected individuals to five-star hotels. Later, the Chinese couple and the Sri Lankan conned them of high profits by earning their trust to invest in cryptocurrency

It is suspected that many who invested in this scam may not even come forward to make a claim as they may have difficulties in explaining how they secured their investments
The Central Bank of Sri Lanka  (CBSL ) has warned against using cryptocurrency, which it said is

“largely unregulated”

The CBSL does not consider cryptocurrencies as legal tender in the country

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