The H digital exchange virtual currency fraud case involves an amount of 220 million yuan, with 15 defendants sentenced to between 3 and 13 years

ChainCatcher news, the first instance of the H Digital Exchange virtual currency fraud case prosecuted by the Shenzhen People's Procuratorate has been judged, with 15 defendants sentenced to fixed-term imprisonment ranging from 3 to 13 years. This series of cases involves nearly 1,500 victims, with a total fraud amount reaching 220 million yuan.

It is reported that the defendants illegally established the H Digital Exchange platform through servers located overseas and operated the trading of their self-created U coin to defraud investors. They distributed enticing and deceptive promotional materials for the platform by organizing events such as the "Chain Business Festival" and manipulated the price of U coin from the initial issuance price of 0.25 yuan per coin all the way up to 1.31 yuan per coin. Subsequently, the price of U coin continuously plummeted to nearly zero market value, until it became untradeable. (source link)