The Beijing High People's Court announced that the main culprit in a cross-border telecommunications fraud case involving virtual currencies, with the amount defrauded exceeding 5 million yuan, was sentenced to 12 years in prison.

According to TechFlow TechFlow, on January 5th, the Beijing Higher People's Court released five typical cases of punishing telecommunications and online fraud according to law. Among them, a cross-border telecommunications and online fraud case involving virtual currency investment was disclosed. The defendants in Chaoyang District, Beijing, used overseas chat software to invite others to buy virtual currency and invest in designated platforms to commit fraud. They then transferred the proceeds of the fraud through virtual currency. The police found that the gang defrauded more than US$900,000 (equivalent to more than RMB 5 million). Based on objective evidence such as the salary and performance records of the companies involved, the court accurately determined the amount of fraud and sentenced Liu Moufang to twelve years in prison for fraud, along with a fine.