A man in Hebei Province, China illegally raised funds through the concept of "metaverse" and was sentenced to five years and four months in prison According to BlockBeats, on June 17th, the High Court of Hebei Province, China, released a typical case of cracking down on illegal fundraising. A man used the concept of "metaverse" to package investment projects and promote the virtual commodity investment project of "Newtimeworks" platform under "Yishang United Community" to the public, inducing the public to participate in investment. He directly introduced 19 investors to invest 15.3936 million yuan, of which 1.1014 million yuan has been returned and 14.2922 million yuan has not been returned yet. The court held that this case used emerging technology concepts such as "metaverse" as a cover to carry out fraudulent marketing, violated national financial management laws and regulations, involved a huge amount of money, and constituted the crime of illegally absorbing public deposits. The defendant was sentenced to five years and four months in prison and fined. [Original link]