The Hero Chain (HEC) was a fraudulent gaming blockchain project that erupted in 2018, with involved amounts exceeding 300 million yuan.
The project party falsely claimed to be an online gaming and entertainment project in Cambodia, forged a Cambodian license, and even fabricated endorsements from political and business bigwigs, falsely promising that HEC could be used to purchase real estate in Cambodia and used as collateral for Macau gambling.
On January 15, 2018, HEC was launched on trading platforms, but it immediately plummeted, with the coin price crashing nearly to zero. Nevertheless, the project party continued to deceive investors, claiming the coin price would skyrocket a hundredfold in the short term, leading many to invest more after being misled.
In October 2018, the project party shut down its official website, expelled investors seeking rights protection from the community, and disbanded the official WeChat group, with the person in charge completely disappearing. Investigations revealed that the project raised nearly 40,000 Ethereum in just two months, with most of the raised funds split among the team and their agents.
Subsequently, the police arrested 15 suspects and froze over 20 million yuan of involved funds. This case became a typical example of blockchain fraud in the country at that time, with many main offenders being approved for arrest, and related agents were also held accountable for their complicity in the crime.
The project party falsely claimed to be an online gaming and entertainment project in Cambodia, forged a Cambodian license, and even fabricated endorsements from political and business bigwigs, falsely promising that HEC could be used to purchase real estate in Cambodia and used as collateral for Macau gambling.
On January 15, 2018, HEC was launched on trading platforms, but it immediately plummeted, with the coin price crashing nearly to zero. Nevertheless, the project party continued to deceive investors, claiming the coin price would skyrocket a hundredfold in the short term, leading many to invest more after being misled.
In October 2018, the project party shut down its official website, expelled investors seeking rights protection from the community, and disbanded the official WeChat group, with the person in charge completely disappearing. Investigations revealed that the project raised nearly 40,000 Ethereum in just two months, with most of the raised funds split among the team and their agents.
Subsequently, the police arrested 15 suspects and froze over 20 million yuan of involved funds. This case became a typical example of blockchain fraud in the country at that time, with many main offenders being approved for arrest, and related agents were also held accountable for their complicity in the crime.
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