A man who promoted the Newmateworks virtual goods investment project under Yishang United Community was sentenced to five years and four months for illegally absorbing public deposits.
Hebei High Court on June 17 published a typical illegal fundraising case centered on a metaverse-themed investment pitch. The court said a man promoted the "Newmateworks" virtual goods investment project under the "Yishang United Community" banner and used the "metaverse" concept to attract investors. He directly introduced 19 investors who put in 15.3936 million yuan, of which 1.1014 million yuan was returned, leaving 14.2922 million yuan unpaid. The court found the scheme breached financial regulations and sentenced him to five years and four months in prison, along with a fine, for illegally absorbing public deposits.