TechFlow news — On March 28, according to the official WeChat account of Ezhou Intermediate People's Court, courts in Ezhou recently concluded two virtual currency fraud cases. A fraud ring composed of 34 defendants used a forged virtual currency trading platform to meticulously orchestrate scams, defrauding nearly 30,000 people within just one year, involving a total amount of up to 460 million yuan. During trial, some defendants argued their actions amounted to "investment trading," but the court ultimately ruled their conduct constituted fraud. The defendants were legally sentenced to fixed-term imprisonment ranging from three to twelve years, along with fines.
The fraud gang established a fake platform named "OURBIT Digital Currency Trading Platform" (the "Obit Platform"), falsely advertising it as "registered in Singapore" and "holding financial licenses from the US and UK." They even fabricated trading K-line charts and virtual currency transaction data, promoting gimmicks such as "new profit-taking and stop-loss features" and "industry-first zero-slippage trading" to create a false impression of professionalism and regulatory compliance, luring investors into participation. Fraudsters posed as investment "mentors," frequently sharing fake profit screenshots in WeChat groups and arranging accomplices ("shills") to act in concert, creating an illusion of easy profits and inducing investors to engage in high-leverage trading.
