The Pengshan District Court in Meishan, Sichuan, ruled on a case involving illegal operation of a fraudulent virtual currency platform amounting to over 9.4 million yuan

ChainCatcher news, reporters learned from the Sichuan Provincial High People's Court that recently, the Pengshan District Court in Meishan City adjudicated a case involving fraud through a self-made fake virtual currency trading platform. Seven defendants, including Hu and Yang, were sentenced to fixed-term imprisonment ranging from twelve years and six months to two years and ten months, with three years of probation, and were fined for the crimes of fraud and concealing or disguising criminal proceeds.

From March 2020 to December 2020, Hu and Yang, along with others, utilized the registered Chengdu Jiarongteng Software Information Technology Co., Ltd. (referred to as Jiarongteng Company) to illegally operate a fake virtual currency investment platform called "Shengda Contract." They deceived customers into purchasing Tether by promising "capital protection investment and liquidation capital protection," then exchanged it for the platform's proprietary fake virtual currency PTC, and realized profits and losses by purchasing Bitcoin and other virtual currencies with PTC on the platform.

The criminals controlled the backend data to manipulate the trends of virtual currency candlestick charts and trading results, falsely claiming that hackers had stolen coins to cover up the funding gap, defrauding customers of 1,443,981 Tether, equivalent to over 9.4 million yuan. Among the victims were classmates and friends of the defendants, and many were employees of Jiarongteng Company. (Source link)