Zhejiang Taizhou Cyber Police reported a scam case using the guise of the Metaverse and virtual currency. The gang promoted face recognition payment devices to attract traffic, then induced investors to buy their self-issued "air coins," and continued to extract money through locking positions, price control, and currency exchange methods, involving over 130 investors and approximately 35 million yuan. The court determined that the criminal purpose was clear, and the amount involved was particularly large, sentencing the defendant to 10 years in prison and a fine of 200k yuan.

MeNews

2026-05-27 02:52:33

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ME News Report, April 18 (UTC+8), Zhejiang Taizhou Cyber Police announced a scam case using the metaverse and virtual currencies as a pretext. The criminal gang promoted face recognition payment devices, initially attracting users through a points system, then prompted investors to purchase their self-issued "air coins," and continued to extract money through lock-up, price manipulation, and "currency exchange" methods, ultimately defrauding over 130 investors of approximately 35 million yuan. The court found that the defendants committed fraud with the purpose of illegal possession, with a particularly large amount involved, and sentenced them to 10 years in prison and a fine of 200,000 yuan. (Source: Foresight News)

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ShortPositionsAtTheElevator

· 12h ago

A ten-year prison sentence may feel satisfying, but how much of the victim's money can actually be recovered?

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BluePeonyMinerDream

· 05-27 03:24

Taizhou Cyber Police's recent announcement is timely; hope they do more to educate the public about fraud prevention.

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YieldFarmLibrarian

· 05-27 03:24

Facial recognition payment as a traffic-driving tactic is too sneaky; endorsements from acquaintances make it easiest to fall for.

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SushiBackrunner

· 05-27 03:11

A ten-year sentence and a fine of 200k yuan still make the cost of crime too low

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GateUser-f78f1f3e

· 05-27 03:06

Investors should also be cautious; high returns with zero risk do not exist.

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ProofOfNap

· 05-27 03:05

Locking funds to control price and exchange coins, the standard scam three-piece set

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0XsundayCook

· 05-27 03:04

The court determined that the amount is particularly large, so the sentence is considered severe.

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GateUser-e62ee1b0

· 05-27 02:58

Cryptocurrency + Metaverse, scammers always jump on the hottest trend

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GaslightSamurai

· 05-27 02:58

The old tricks of air coins, just change the metaverse disguise and still scam.

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Zhejiang Taizhou Cyber Police Report on Encryption-Related Fraud Cases, Victims' Total Losses Approximately 35 Million Yuan

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