PANews reported on May 8th that the Loudi Intermediate People's Court released typical cases of telecommunications and network fraud. The report revealed that criminals established a fraud studio that lured victims into purchasing virtual currencies on exchanges and then recharging these currencies to the Hconex platform to defraud customers. The fraud studio manipulated and modified virtual digital currency profits and losses through backend systems, causing victims to suffer total losses of their recharged funds. Since its establishment, the studio has fraudulently obtained property equivalent to over 1 million yuan. The court determined that all involved personnel have committed fraud and have been sentenced to imprisonment ranging from seven and a half to eleven and a half years, along with additional fines. The illegal proceeds will be recovered according to law.
Loudi Intermediate Court: A fraud studio used a fake digital currency platform to defraud victims of more than 1 million yuan
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