A company in Guangdong is suspected of issuing virtual currency for fraud, and the main culprit has been sentenced to 11 years in prison

According to ChainCatcher news and the Guangzhou Daily, Guangdong courts recently concluded a virtual currency fraud case. The defendant, Xie, established Company A and issued a virtual currency named "AA Chain," promising investors that the currency would be listed on exchanges and yield high returns.

The case shows that in May 2018, Xie established Company A in Guangdong and served as its legal representative. He promoted "AA Coin" on internet platforms as having appreciation potential and promised victims that it would be listed for trading on exchanges, with expected returns of no less than 5 million yuan. One investor thus invested 990,000 yuan to purchase over 1.6 million AA Coins, but these tokens remained locked and could not be traded.

The court found that the defendant, Xie, aimed to illegally possess others' property by fabricating facts to defraud them, with the amount being particularly large. He was ultimately sentenced to 11 years in prison for fraud and fined 50,000 yuan. The judgment has taken effect.