Mongolian Esports Owners Arrested
The owners of the prominent Mongolian Esports organization, IHC Esports, were arrested by the police on charges of misappropriating funds and engaging in money laundering by manipulating the cryptocurrency market. Mongolian Esports Owners arrested for latest crypto scam.
The company, which saw success in major CS:GO tournaments like IEM Katowice 2023, is owned by IH Bit Global.
Three of its founders were taken into custody after multiple clients filed complaints regarding the Inflation Hedging Coin token they had invested in. The token’s value has dropped 97% since its launch, sparking concerns from investors.
IHC Token Scandal
According to the UB Post, the owners managed to attract approximately $8.5 million from investors, many of whom were single mothers and individuals who sold their possessions to purchase the cryptocurrency.
The victims claim that the creators of the IHC token gained their trust and took advantage of their investments through various deceptive tactics.
IH Bit Global established the esports division in 2021. It quickly rose to become one of Asia’s top CS:GO teams, participating in major events like PGL Major Antwerp 2022 and IEM Rio Major 2022. The organization also performed well in PUBG Mobile, finishing fifth in the 2022 PUBG Mobile World Championship Global Championship.
Summary
Owners of Mongolian Esports org IHC Esports were arrested for misusing funds and money laundering via cryptocurrency manipulation. Founders of IH Bit Global are in custody after investors filed complaints about the Inflation Hedging Coin token, whose value has dropped 97%. Investors claim deceptive tactics were used. IHC Esports rose to become the top Asia CS:GO team after being established in 2021.
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