China Court declared 34 people in scams with 460 million crypto fraud

China has been tackling recent serious cryptocurrency scams. In yet another case, a Chinese court has declared 34 people for fraudulent over 30,000 victims with a 460 million yuan crypto fraud.

China’s 460 million yuan crypto fraud

China’s Ezhou Court successfully concluded two crypto online fraud cases involving a gang consisting of 34 defendants. The accused was found guilty of carefully planning and carrying out fraud with the help of a new cryptocurrency trading platform. In just a year, nearly 30,000 people were scamned, with displacement of 460 million yuan. During the trial of the lawsuit, some defendants alleged that this was an investment transaction, and that “customers” voluntarily gambled on the platform.

The accused established the Ourbit Digital Currency Trading Platform, claiming it was registered in Singapore. They also claim to have a US and UK financial license and have released promotional gimmicks such as new stop profit and stop loss features, as well as the first transaction of zero slippages. According to local reports, the gang traded K-Line charts based on the trading prices in the Bitcoin market, falsified nine cryptocurrency transactions and created a professional and compliant platform image to attract investors.

The con artist was also found guilty of disguising himself as an active WeChat group investment “teacher”, frequently posting profit screenshots, faking simple profit impressions, and guiding victims to participate in high-leverage investments.

Local research revealed that Orbit platforms are a closed user platform gambling market that has no relation to external or international markets. Manipulate data, set slips, create pins, carry out market-producing transactions, simulate accounts, drive high-leverage transactions, increase customer losses, and increase platform win rates.

The report suggests that platforms and agents conspire to lock their accounts on the small number of customers who have made great profits, pressured them or banned them, and that customers will lose all their money.

“Initially, the account was settled and the money was lost. After additional investments, there was a small profit, but the platform frequently freezes and once recovered, it started losing money again.

Also Read: China High Court: Overseas Crypto Investment Not Protected by Chinese Law