According to Wu, the Shanghai First Intermediate People's Court disclosed that it recently concluded a second-instance criminal case involving digital collectibles. The defendant Wang and others illegally raised funds using fraudulent methods by issuing underlying electronic images generated by AI through a third-party blockchain company for "on-chain" issuance, with a huge amount involved. Therefore, the defendant Wang was sentenced to eight years and six months of imprisonment and fined 550,000 yuan for the crime of fundraising fraud. The judge reminded that most digital collectibles transfer platforms currently lack legal qualifications, and platform operators should obtain the necessary licenses in accordance with the law.