Michigan police make a cryptocurrency scam arrest over alleged $665,000 Bitcoin fraud

An Escanaba man who believed he was investing in Bitcoin handed over more than $500,000 in cash and shipped another $165,000 via FedEx, Michigan State Police said. The investigation led to the arrest of Zhong Jiang , 34, of Orland Hills, Illinois, in an alleged cryptocurrency scam involving approximately $665,000 . Key takeaways Zhong Jiang faces a felony charge of larceny by conversion involving $100,000 or more. Police traced the alleged payments to an in-person meeting and FedEx shipments. Jiang was extradited from Wisconsin, where he faced similar charges. His bond includes $400,000 cash/surety and a GPS tether.