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Zhejiang Taizhou Cyber Police Issues a Report on Encryption-Related Fraud Cases, with Cumulative Victim Losses of Approximately 35 Million Yuan

MeNews
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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 group promoted face recognition payment devices, first attracting users through a points system, then urged investors to purchase their own 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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QueueJumper
· 3h ago
Over 130 people were scammed out of 35 million, averaging 270k per person; it's definitely a middle-class harvesting machine.
View OriginalReply0
ButterStop-LossLine
· 6h ago
Switching currencies is the most damaging move, directly wiping out your assets with no way to defend your rights.
View OriginalReply0
BridgeHopRanger
· 6h ago
The court's determination that the "criminal intent is clear" indicates that the evidence chain is very solid.
View OriginalReply0
SoftRugDetective
· 6h ago
Starting from ten years ago, those who engage in Ponzi schemes should think twice.
View OriginalReply0
PettyLp
· 6h ago
Investor education has a long way to go; face recognition payments and cryptocurrency trading are not related at all.
View OriginalReply0
BridgeWhisperer
· 6h ago
Taizhou Cyber Police's notification this time is very timely, serving as a warning to surrounding areas.
View OriginalReply0

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