A Beijing Woman in Her 60s Scams Young Man for Over 200,000 Yuan, Gets Liquidated in 10x Leveraged Crypto Trading, Sentenced to 4 Years

BlockBeats News, June 10th. Recently, the Haidian Court in Beijing, China, ruled on a fraud case. Retired individual Meng, due to being addicted to virtual currency trading and unwilling to use his own retirement pension, pretended to be a "central department" staff member in his 20s named Xiao Hong on a short video platform. He developed a romantic online relationship with a young man. Meng swindled more than 200,000 yuan from the young man under the guise of needing money for a family member's urgent surgery and overseas exam preparation.

Meng invested all the swindled funds of over 200,000 yuan into virtual currency trading with a leverage of ten times. Subsequently, due to a market downturn, he faced a margin call and lost almost all his funds. Previously, the Haidian Procuratorate charged Meng with fraud, and ultimately, the Haidian Court sentenced Meng to 4 years in prison, imposed a fine, and ordered him to compensate the victim for the economic loss. (Beijing Evening News)