High-End Pokémon Card Sale
A Richmond businessman spent US$660,000, roughly C$935,000, on a rare Pokémon card that featured a fraudulent authentication label, [CTV News] reported.
Jesse Peng purchased the Call of Legends Shiny Rayquaza graded PSA 10 through a middleman broker using cryptocurrency. Peng owns a local Pokémon card shop with his wife and spent years trying to acquire the rare collectible.
“This is someone that I've seen do big deals in the past and has a pretty good reputation. So I trusted the middleman's ability to authenticate the card,” Peng told [CTV News].
“It’s one of the rarest cards in the world,” Peng told [CTV News].
Authentication Software Flags Fake Label
Peng initially believed the delivery was legitimate when it arrived via courier. However, he noticed discrepancies with the PSA 10 authentication label after inspecting it closely.
He ran the item through custom software developed by his tech startup to spot counterfeit collectibles. “When I put it through our system, our system flagged it to being fake,” Peng told [CTV News], adding that he was initially in denial and angry.
The fugitive ink utilized on the PSA security label did not match authentic examples. PSA subsequently confirmed that the card possessed a fraudulent holder, reducing its overall market value despite the card itself appearing genuine.
Peng Seeks Legal Avenues to Recover Lost Funds
Peng said that he does not believe the broker knowingly participated in the alleged fraud. Even so, he maintains the broker bears responsibility for completing the transaction.
The broker involved in the deal declined requests for comment from [CTV News]. Peng is currently exploring legal avenues to recover a portion of his lost funds.
“Hopefully I can partially recover some of my lost funds. But if not, then it will be a very expensive learning lesson,” Peng told [CTV News].
PSA Cooperates with Law Enforcement and Advises Caution
Emails obtained by [CTV News] show that Professional Sports Authenticator is cooperating with law enforcement regarding the case. A company spokesperson said that fraudsters continue to produce increasingly deceptive items as market values rise.
PSA advises collectors to exercise extreme caution on peer-to-peer marketplaces. Buyers should verify certification numbers and scans using PSA’s public database, check physical holders for tamper-evident features, and submit questionable items for official review.
Collector Questions Answered
How did the buyer pay for the collectible?
Peng completed the US$660,000 transaction using cryptocurrency transferred through a Pokémon card broker.
What specific part of the grading case was fraudulent?
The fugitive ink used on the PSA authentication label failed to match authentic security examples.
What is PSA recommending to prevent similar fraud?
The grading company urges buyers to verify certification numbers in its public database and inspect physical holders for tamper-evident features.
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