Nine Chinese residents have been convicted by a local court in the country for executing a crypto scam that caused 66,800 Indians to lose $6 million in USDT. The incident is another proof of the risks of using cryptocurrencies without the necessary crypto education.

The court stated that the scheme deceived users into investing in its fake crypto platform (SENEE) by using false social media content, non-local servers, and fake identities. The people’s court in the Shandong province delivered the judgment.

Many crypto industry experts worry about the continued use of the USDT for financial crimes and the rising number of frauds targeting India. The experts believe India is the target because it has a sizeable crypto population.

Hence, it is no surprise that authorities in China are taking stricter measures to stop crypto-related scams that target non-Chinese residents but use the country as their base of operations.

Crypto Scam

Keep reading this article on E-cryptonews.com.

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