The Beijing High Court of China publicly announced a cross-border telecommunications network fraud case involving virtual currency, with the principal offender sentenced to 12 years.

BlockBeats News, January 5th, according to K618.cn official WeChat account, the Beijing High People's Court released 5 typical cases of punishing telecom and internet fraud according to law, among which it disclosed a cross-border telecom and internet fraud case involving investment in virtual currency, the defendant in Chaoyang District, Beijing, used overseas chat apps to invite the victim to purchase virtual currency, invest in a designated platform, and carried out fraud through cryptocurrency transfers.

After investigation, the total amount of fraud by the gang was more than 900,000 USD (equivalent to over 5 million RMB). The court, based on objective evidence such as the performance table of the involved company, accurately determined the amount of fraud. Liu was sentenced to twelve years in prison for the crime of fraud and was fined.