Recent media reports have emerged that the Chinese authorities are about to open a comprehensive investigation into a number of fraudulent cryptocurrency trading platforms that are active in several Chinese regions.

At the top of these platforms is Iran-based Bitisis, which has become hugely popular among Chinese investors.

An investigation was opened about the Bitisis platform after the sudden disappearance of the platform and the withdrawal of many Chinese investors’ funds.

As the Chinese police track the sudden disappearance of the platform and the emergence of a link between this platform and other similar platforms, it works in the same way

According to report Issued by the 8btc website, the scammers had a predefined modus operandi.

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Bitisis allowed users to convert Bitcoin to the platform’s original token called “IRRT”, which can then be changed to Tether. Until now, it is normal to show the unusual thing, which is when trying to withdraw funds, several requirements and conditions appear that are almost impossible to withdraw the money deposited in the platform .

This platform managed to attract a large number of users who are now victims.

The recruitment of users to this platform was carried out after conducting large marketing operations on various social media platforms in China such as: Zhihu, Tieba, Douban and Baidu to enhance their credibility.

Scammers have also used search engine optimization techniques to lure visitors towards press releases and other advertising materials.

Eventually, the victims received an email informing them that Bitisis had officially suspended its operations.

What prompted these victims to seek help from law enforcement agencies, which have now begun investigations.

Initial investigations revealed that Bitisis transferred its users’ funds to three addresses.

Law enforcement authorities managed to obtain the relevant platform to freeze the funds, classifying the situation as an emergency.

The report revealed that the platform on which the three addresses were hosted belongs to large trading platforms and thus could be frozen in time.

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It was also noted that the rapid freezing of addresses means that fraudsters have poor technical and technical backgrounds, as they did not use the transaction mixer or other means that help them evade government agencies.

The same source reported that the scammers are Chinese who used Alibaba servers to create their suspicious trading platforms.

These scammers set up more than one trading platform with similar fraudulent models across China.

The source notes that the Venezuelan-based bit-ven.com scam platform operates the same marketing model as Bitisis.

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