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The OURBIT platform scam was a major virtual currency fraud case led by Cheng and others between 2020 and 2021, defrauding nearly 30,000 people in less than a year, with an involved amount reaching 460 million yuan. Ultimately, 34 individuals involved were sentenced according to the law.
In June 2020, after establishing the OURBIT platform, Cheng and others falsely claimed that the platform was registered in Singapore and held financial licenses from the United States and the United Kingdom. They also created gimmicks such as "0 slippage trading" and "new profit-taking and stop-loss mechanisms," fabricated K-line charts based on Bitcoin prices, and invented trading scenarios for 9 types of virtual currencies. The group also set up product, business, and technical departments, with the business department specifically developing multi-level agents, who recruited investors using preset scripts and by showcasing false profit screenshots.
The platform was actually a closed gambling platform that had no connection with external markets; the losses of investors were the platform's profits. The group manipulated data using methods like "slippage" and "spike" to increase the probability of investor losses with high-leverage trading. For instance, Mr. Liang, a victim, directly went bankrupt due to the platform's "spike," losing more than 3 million yuan. When encountering a few users with large profits, the platform colluded with agents to lock or ban their accounts for various reasons, either persuading them to invest more or directly embezzling their funds.
After trial by the Intermediate People's Court of Ezhou City, Hubei Province, the actions of Cheng and the other 34 individuals were found to constitute fraud. Considering the large number of individuals involved and the complexity of the case, the court tried the cases separately and ultimately sentenced the 34 defendants to fixed-term imprisonment ranging from three to twelve years, and imposed fines according to the law, with the relevant judgments already in effect.
In June 2020, after establishing the OURBIT platform, Cheng and others falsely claimed that the platform was registered in Singapore and held financial licenses from the United States and the United Kingdom. They also created gimmicks such as "0 slippage trading" and "new profit-taking and stop-loss mechanisms," fabricated K-line charts based on Bitcoin prices, and invented trading scenarios for 9 types of virtual currencies. The group also set up product, business, and technical departments, with the business department specifically developing multi-level agents, who recruited investors using preset scripts and by showcasing false profit screenshots.
The platform was actually a closed gambling platform that had no connection with external markets; the losses of investors were the platform's profits. The group manipulated data using methods like "slippage" and "spike" to increase the probability of investor losses with high-leverage trading. For instance, Mr. Liang, a victim, directly went bankrupt due to the platform's "spike," losing more than 3 million yuan. When encountering a few users with large profits, the platform colluded with agents to lock or ban their accounts for various reasons, either persuading them to invest more or directly embezzling their funds.
After trial by the Intermediate People's Court of Ezhou City, Hubei Province, the actions of Cheng and the other 34 individuals were found to constitute fraud. Considering the large number of individuals involved and the complexity of the case, the court tried the cases separately and ultimately sentenced the 34 defendants to fixed-term imprisonment ranging from three to twelve years, and imposed fines according to the law, with the relevant judgments already in effect.
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