WOLCOTT, Conn. — Wolcott police arrested a man on December 6 in connection with a cryptocurrency scam that led to a victim losing $60,000. The suspect, Xiallong Wang, 28, from Flushing, New York, has been charged with criminal attempt at larceny in the second degree, telephone fraud in the first degree, and criminal impersonation. He is being held on a $150,000 bond.
According to police, Wang was involved in a scam that utilized a fake BingX website. The website claimed it could convert cash into cryptocurrency for purchasing gold. Investigators discovered that the scam began when a victim received a random text message from a woman, who enticed him into starting an online relationship.
The woman convinced the victim to invest in gold through a fraudulent BingX account. As a result, the victim lost $60,000. After learning about the scam, the victim contacted the police, prompting a sting operation to catch Wang in the act.
Officers set up a plan to lure Wang to the victim’s home to collect additional money. When he arrived, police arrested him on the spot. Further investigation revealed that Wang had told authorities he was a Chinese immigrant, and later it was discovered that he was in the United States on an expired student visa.
The arrest has raised concerns about the increasing number of cryptocurrency-related scams targeting unsuspecting victims. Authorities urge the public to be cautious and report any suspicious activity related to online investments or cryptocurrencies.
For more information on how to avoid cryptocurrency scams, you can visit the Federal Trade Commission’s website.
