Huge Crypto Scam Busted: Chinese Court Sentences Fraudsters Who Duped 66,000 Indians
In a significant move against international cybercrime, a Chinese court has handed down prison sentences of up to 14 years to members of a fraud network behind a massive cryptocurrency scam that targeted more than 66,000 Indian investors.
The Modus Operandi: Romance Scams Meet Fake Crypto
The fraudsters created fake online personas and used romance scams to gain victims’ trust. Once a connection was built, they encouraged them to invest in a phony cryptocurrency trading platform. Everything appeared legitimate — until the funds disappeared.
Believing they were making smart investments, victims unknowingly poured money into the fraudulent scheme. By the time the con was discovered, the total losses had exceeded $6 million.
A Wake-Up Call for the Crypto World
Authorities have labeled this as one of the largest crypto fraud cases involving both India and China. They also warn that similar scams could be operating quietly, taking advantage of the growing popularity of both crypto investments and online dating.
Stay Alert: Protect Yourself
This case serves as a stark reminder — if an offer sounds too good to be true, it probably is. Always verify the legitimacy of platforms and people, especially when financial or emotional stakes are involved.
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