PANews April 18 news, Zhejiang Taizhou Cyber Police reported a fraud case disguised as "metaverse" and "virtual currency." The fraud gang used the promotion of facial payment devices as a cover to deceive over 130 investors out of more than 35 million yuan. The criminal group collected franchise fees ranging from thousands to tens of thousands of yuan under the guise of joining the facial payment device business, offered points, and promised that these could be exchanged for gifts or company equity in the future. After accumulating points, they falsely claimed that binding the "GDFC" virtual currency was necessary for cashing out, boasting that this currency had enormous appreciation potential. In reality, GDFC is a "paper currency" issued by the gang itself. They lured victims into additional investments through locking, price manipulation, and "currency exchanging." Ultimately, all investment funds flowed into personal accounts of the gang through complex pathways, used for wealth management, house purchases, and lavish spending.

In the end, the court sentenced the defendant to 10 years of imprisonment for fraud, and fined 200,000 yuan. The appeal after the first instance was dismissed, upholding the original verdict.

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