Zhejiang Internet Police in China Reports a Scam Case Using "Virtual Currency" as a Front

BlockBeats News, April 18th. The Zhejiang Taizhou Internet Police in China recently reported a fraud case using the guise of "metaverse" and "cryptocurrency."

The criminal gang, under the pretext of promoting facial recognition payment devices, first attracted victims through a point system, then persuaded investors to buy their self-issued "air coins." They continued to scam investors through lock-up schemes, price manipulation, and a "coin swap," ultimately defrauding over 130 investors of about 35 million yuan.

The court determined that the defendant committed fraud for the purpose of illegal possession, with an especially large amount involved, and sentenced them to 10 years in prison and a fine of 200,000 yuan.