Up to 40 suspected crypto scammers are facing prosecution in China – with 10 already standing trial.

Per Jimu News, 10 of the alleged scammers are being tried at the Enshi (Hubei Province) branch of the People’s Court on fraud charges.

The public prosecution agency claims that the “gang” of alleged fraudsters was active from 2020 to 2021.

The agency claimed that the gang’s masterminds were surnamed Ma and Xie. The court heard that the duo “set up” a bogus crypto trading platform named FXcoin, using “high leverage rates” and “high returns” as “bait.”

The gang allegedly told victims they could expect huge returns by “buying” bitcoin (BTC) “highs and lows.”

The court also heard that victims were strung along by the gang, who paid out “small rebates” to “trick victims into increasing the size of their stakes.”

(By Tim Alper)

Get the latest news here: Cointime channel — https://t.me/cointime_en