The suspect, identified by his surname Zhang, is in his second decade of life and is from China's Anhui Province. In late 2017, in online posts, the person had offered to sell bitcoin pool machines at three times lower market prices.

It should be noted that in late 2017 there was a strong demand for these devices because the quantity of each bitcoin had crossed the $10,000 border.

According to CCTV, Mr. Zhang had announced the price of each device to customers at 10,000 yuan ($1,500) and on conditions that they be delivered two months after payment. While the price of each of these devices on the market was about 30,000 yuan ($4,500), the lower price of these devices has tempted customers to buy.