[Zhejiang Cyber Police in China Report a Fraud Case Using 'Virtual Currency' as a Pretext] BlockBeats News, April 18 – Recently, the cyber police in Taizhou, Zhejiang, China, reported a fraud case involving the use of 'metaverse' and 'virtual currency' as a pretext. The criminal group, under the guise of promoting facial recognition payment devices, first attracted users through a points system and then lured investors into purchasing their self-issued 'air coins.' They continued to siphon funds by locking assets, manipulating prices, and using 'coin swaps,' ultimately defrauding over 130 investors of approximately 35 million yuan. The court ruled that the defendants committed fraud with the intent of illegal possession, involving an especially large amount. They were sentenced to 10 years in prison and fined 200,000 yuan.