Is the Chinese Cryptocurrency H Coin a Scam?
Lisa Chen, a Chinese immigrant living in Australia, wired about $20,000 into an overseas bank to invest in what was known as Himalaya Coin or H Coin, which was a new brand of cryptocurrency designed to serve as an anti-Chinese government tool.
There Are Red Flags Surrounding H Coin
She went so far as to tell all her family and friends about the currency. Chen explained in an interview:
I invested and asked all my relatives to invest in H Coin as well. I thought I did the right thing. I thought I was fighting for justice.
The currency was initiated by Guo Wengui, a crypto billionaire and former businessman that was hiding from Chinese authorities for his alleged role in seeking to overturn the Chinese ruling party. While things began solidly at first, Chen says that she has since experienced several problems with her investment and recently noticed red flags pop up since she first began putting her money into H Coin.
She has since had to retract many of the things she’s told people and feels it’s best they put their money elsewhere.
One of the big problems she’s noticed is that Guo is potentially not who he says he is. For example, the man filed bankruptcy in February of this year. While claiming to be a Chinese businessman with billions to his name, the statement of the bankruptcy filing shows that Guo only had about $100,000 in assets at the time.
Chinese scholar Qiu Yueshou stated that he fled the country after the Tiananmen Square Massacre in 1989. He became acquainted with Guo during this time, who allegedly promised him key information about alleged high-ranking figures in the Chinese Communist Party. Yueshou also lives in Australia and was part of a special network of individuals that followed Guo and received direct orders from him through a chat room.
He had said he had Pandora’s box. When the box opened, CCP [would be] finished.
However, some of this data has since been reportedly linked by mainstream media to disinformation campaigns. Despite all these elements, Guo is still out there allegedly promoting H Coin in new videos and memos that are appearing all the time online. In a recent one, he commented that:
Our NFSC’s Himalaya Exchange and Himalaya Coin can attract all the money from the Chinese people.
Somehow Bigger Than Ripple?
Right now, H Coin is reportedly valued at more than $43 billion, which would mean that for a currency that’s not even listed on any major global exchanges, it has somehow become bigger and stronger than the likes of competing altcoins such as Ripple’s XRP. Aaron Lane – a lawyer and blockchain specialist – warned investors that this was likely not true, stating:
To be in excess of Ripple and not listed on any major list is completely unbelievable.
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