ChainCatcher news, recently, the People's Court of Qujiang District, Shaoguan City, heard a case of illegal public deposit absorption through virtual currency. In 2019, Deng collaborated with a South Korean company to introduce MZC virtual currency investment and conducted transactions through the online investment platform FCOIN, developing friends and relatives in Shaoguan as members, and further expanded membership in cities like Shenzhen and Changsha through creating national member exchange WeChat groups, on-site explanations, and conference promotions, enticing members to buy MZC virtual currency by promoting "high returns" and "high value."At the end of 2019, the funding chain of MZC virtual currency broke, and soon after, the FCOIN trading platform closed. Many participants in the fundraising could not withdraw the purchased virtual currency. Deng exited the private placement and incurred partial losses totaling over 2 million yuan according to the market price of MZC currency. In May 2020, the fundraising participants chose to report the case. After the case was prosecuted, the Qujiang Court found that Deng illegally absorbed public deposits, disrupting financial order, and his actions constituted the crime of illegal absorption of public deposits, which was of a huge amount.It was found that there were 54 clearly reported fundraising participants, and there were 346 accounts of unreported fundraising participants, with a total illegal deposit absorption of over 5 million yuan, causing direct economic losses to the fundraising participants totaling over 2 million yuan. During the trial, Deng's family returned illegal gains of 200,000 yuan to the court and compensated the fundraising participants over 2 million yuan. The Qujiang Court thus sentenced Deng to three years and six months in prison, fined him 100,000 yuan, and ordered him to repay the remaining unpaid fundraising amount. (Source link)