According to report, the Hubei High Court issued a document stating that recently, the Ezhou Court successfully concluded two virtual currency network fraud cases. A fraud gang consisting of 34 defendants carefully planned and implemented fraud by using a new type of virtual currency trading platform. Within just one year, nearly 30,000 people were defrauded, with the involved amount reaching 460 million yuan. After trial, the court determined that the defendants, including Cheng and 33 others, had the purpose of illegally obtaining property by fabricating facts and concealing the truth, with the involved amount being particularly large. Their actions constituted fraud, and they were sentenced to imprisonment ranging from three to twelve years, along with additional fines.