In a court case in China, 34 individuals were charged with creating a fake crypto platform that stole 460 million yuan from nearly 30,000 people over the course of a year.
Creation of a Fake Platform
The group of scammers developed what appeared to be a legitimate crypto platform called OURBIT, claiming it was registered in Singapore with official licenses from the US and UK. The platform purported to offer features like 'zero slippage' and 'new stop-profit and stop-loss functions,' but the court ruled it was all fabricated.
Scammers' Tactics and Methods
The scammers used a sophisticated scheme involving a professional-looking website with fake trading pairs and data. Within WeChat groups, they posed as experienced 'trading teachers' who shared fake profit screenshots. The OURBIT team coordinated their operations with departments for product, tech, and business, while agents recruited new investors with promises of high commissions.
Court Proceedings and Warnings
The Ezhou Court found the defendants guilty of fraud, issuing prison sentences ranging from three to twelve years. The court also released a public warning about the risks of crypto investments, reminding citizens to be wary of 'get-rich-quick' offers, especially from social networks.
This case highlighted the vulnerability of investors to fraudulent schemes in the crypto space. The court strongly advised the public to remain vigilant and skeptical when confronted with investment offers, particularly those promoted through social media.
