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.

[Beijing High Court Releases Cross-Border Telecom Fraud Case Involving Virtual Currency; Ring Leader Sentenced to 12 Years for Fraudulently Obtaining Over 5 Million Yuan] According to Mars Finance, on January 5th, the Beijing High People's Court released five typical cases of legally punishing telecom fraud, including a cross-border telecom fraud case involving virtual currency investment. The defendant, located in Chaoyang District, Beijing, used overseas chat software to invite victims to purchase virtual currency and invest in designated platforms, then transferred the proceeds through virtual currency. An investigation revealed that the gang defrauded victims of over US$900,000 (equivalent to over 5 million yuan). Based on objective evidence such as the company's payroll and performance records, the court accurately determined the amount of fraud and sentenced Liu Moufang to twelve years imprisonment for fraud, along with a fine.