9 Sentenced Over $6 Million Crypto Scam Targeting Indian Nationals

A Chinese court has sentenced nine individuals for a $6 million cryptocurrency fraud scheme targeting over 66,800 Indian nationals. The defendants received sentences ranging from a few to nearly 15 years in prison. The scam involved a fraudulent investment platform called SENEE that promised monthly returns of 8% to 15%. The perpetrators impersonated well-off Indian women through online chats and romantic interactions to build trust with victims, ultimately channeling their funds into Tether (USDT), a stablecoin pegged to the US dollar.