Ezhou Court Concludes Two Virtual Currency Network Fraud Cases: Nearly 30,000 People Defrauded, with a Total Amount of 460 Million Yuan

BlockBeats News, March 28th. According to the Ezhou Intermediate People's Court official WeChat account, Ezhou Court recently successfully concluded two virtual currency fraud cases. A fraud group of 34 defendants used a forged virtual currency trading platform to meticulously plan fraud. In just one year, nearly 30,000 people were deceived, with the amount involved reaching as high as 460 million yuan. Some defendants argued during the trial that this was "investment trading," but the court ultimately ruled that their actions constituted the crime of fraud. They were sentenced to three to twelve years in prison and fined accordingly.

The fraud group set up a fake platform called "OURBIT Digital Currency Trading Platform" (Ourbit Platform), which publicly claimed to be "registered in Singapore" and to "hold American and British financial licenses," among other false qualifications. They even falsified trading K-line charts and virtual currency trading data, introduced features such as "brand new take-profit and stop-loss" and "pioneering 0 slippage trading," creating an illusion of professionalism and compliance to attract investors. Fraudsters disguised themselves as investment "teachers," frequently sharing profit screenshots in WeChat groups, arranging for "shills" to collaborate in acting, creating a false image of easy profits, and luring investors into high-leverage trading.