[Supreme People's Procuratorate Discloses 1.2 Million Yuan U-Coin Fraud Case: Prosecutor Claims Virtual Currency Transactions Do Not Fall Under the Scope of Contract Fraud] According to the official WeChat account of the Supreme People's Procuratorate, a U-coin fraud case was recently tried in Xuzhou, Jiangsu Province. Wang and others defrauded the victim, Xiao, of 1.2 million yuan under the guise of purchasing U-coins. The case was initially transferred for review and prosecution on suspicion of robbery, but the procuratorate argued that Wang and others' elaborate scheme, using fake transactions as bait to actually defraud the victim of U-coins, constituted fraud, and therefore filed a public prosecution with the court. During the trial, the defense argued that the defendants constituted contract fraud, and that the sentencing would differ significantly depending on whether the case was classified as fraud or contract fraud. The prosecutor pointed out that the criminal law stipulates contract fraud to maintain market order, and the content of the contract must reflect the attributes of a socialist market economy. Virtual currency transactions are illegal financial activities explicitly prohibited by the state and do not fall under the scope of contract fraud.