Zhejiang Cyber Police in China reported a fraud case disguised as "virtual currency."

Recently, the internet police in Taizhou, Zhejiang, China reported a fraud case disguised as "metaverse" and "virtual currency."

The criminal gang promoted facial recognition payment devices, initially attracting users through a points system, then luring investors to purchase their self-issued "air coins." They continuously siphoned off funds through methods such as locking assets, manipulating prices, and "currency swapping," ultimately defrauding over 130 investors of approximately 35 million yuan. The court determined that the defendants committed fraud with the intent of illegal possession, with the amount being particularly large, sentencing them to 10 years in prison and a fine of 200,000 yuan.