Jiangsu Province Zhenjiang City has cracked a case of illegal fundraising involving virtual currency, with an amount exceeding 40 million yuan

ChainCatcher news, the Jiangsu Province Zhenjiang City Jingkou District People's Procuratorate recently announced that the court sentenced Li and 7 others to three years in prison for the crime of illegally absorbing public deposits, with a probation period of three to five years, and imposed fines ranging from 210,000 to 250,000 yuan.

These individuals used the guise of "1 FIL coin can yield 2 times the profit," claiming to cooperate with mining machine vendors for Filecoin staking mining. They attracted over 10,000 members in less than a year through their self-developed FPM App, accumulating over 400,000 FIL coins, with the amount involved exceeding 40 million yuan.

The case involves multiple provinces and cities, including Jiangsu, Guizhou, and Hunan. The prosecution stated that the individuals involved used a large amount of the absorbed FIL coins for staking "mining" in cooperation with mining machine vendors, and continued to generate profits until the case was uncovered.