Ezhou Court Sentences 34 Defendants in 460 Million Yuan Virtual Currency Fraud

The Ezhou Intermediate People's Court recently concluded two significant virtual currency fraud cases, marking a notable victory in the region's efforts to combat financial crimes. The court's official WeChat account revealed that a fraud group consisting of 34 defendants orchestrated a meticulously planned scheme using a forged virtual currency trading platform. Over the course of a year, nearly 30,000 individuals were deceived, resulting in a staggering total of 460 million yuan in losses.

During the trial, some defendants attempted to justify their actions by labeling them as "investment trading." However, the court firmly rejected this argument, ruling that their activities constituted the crime of fraud. Consequently, the defendants were sentenced to prison terms ranging from three to twelve years, along with corresponding fines.

The fraud group established a fake platform named "OURBIT Digital Currency Trading Platform," which falsely claimed to be "registered in Singapore" and to possess "American and British financial licenses." To enhance the platform's credibility, the fraudsters fabricated trading K-line charts and virtual currency trading data. They also introduced features such as "brand new take-profit and stop-loss" and "pioneering 0 slippage trading," creating an illusion of professionalism and regulatory compliance. This deception successfully attracted a large number of investors.

To further entice potential victims, the fraudsters posed as investment "teachers" and frequently shared profit screenshots in WeChat groups. They also arranged for "shills" to collaborate in acting, creating a false image of easy profits and encouraging investors to engage in high-leverage trading. This sophisticated scheme not only deceived individuals but also undermined public trust in virtual currency investments.

The successful conclusion of these cases serves as a stark reminder of the risks associated with virtual currency investments and the importance of regulatory oversight. The Ezhou Court's decisive action sends a clear message to potential fraudsters that such criminal activities will not be tolerated. The court's ruling also highlights the need for investors to exercise caution and conduct thorough due diligence before engaging in any form of investment, particularly in the volatile and unregulated virtual currency market.