Taizhou police in Zhejiang, China said a fraud ring used metaverse and virtual coin claims to defraud more than 130 investors, while a court upheld a 10-year sentence and a 200,000 yuan fine.
Taizhou police in Zhejiang, China said a fraud ring used metaverse and virtual coin claims to scam more than 130 investors out of over 35 million yuan. The group promoted face-payment device franchises and a self-issued GDFC token, presenting the scheme as an investment opportunity tied to digital assets. A court upheld a 10-year prison sentence and imposed a 200,000 yuan fine in the case.