The Beijing High People's Court announced details of a cross-border telecom fraud case involving virtual currency investments: approximately $900,000 was involved, and the ringleader was sentenced to 12 years in prison.

The Beijing Higher People's Court released five typical cases of punishing telecommunications and online fraud according to law, including a cross-border telecommunications and online fraud case involving virtual currency investment. The defendants, operating in Chaoyang District, Beijing, induced victims to purchase virtual currency and "invest" in designated platforms through overseas chat software, then transferred the stolen funds using the virtual currency. Police stated that the gang defrauded victims of approximately US$900,000 (equivalent to over RMB 5 million). 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 12 years imprisonment for fraud, along with a fine.