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The Hunan Financial Office disclosed a virtual currency fundraising fraud case, with the main culprit illegally profiting over 226 million yuan

ChainCatcher news, the Office of the Financial Committee of the Hunan Provincial Committee, the Financial Work Committee of the Hunan Provincial Committee, and the Hunan Provincial Local Financial Supervision Administration's official WeChat account disclosed a GBC platform fundraising fraud case. Zhou, Tong, Wu, and others commissioned Chengdu Xingyi Network Technology Co., Ltd. to design the GBC platform software for computer clients and mobile apps. Wu falsely claimed that GBC coins and wealth coins were blockchain virtual currencies, developing downlines in areas such as Jinshui District, Zhengzhou City. By the time the case was reported, the "GBC" platform had developed 47 levels of members, involving 59,548 member accounts, with a total fund flow of 3.408 billion yuan, of which 40,480 member accounts suffered losses totaling 629 million yuan. The main criminal gained over 226 million yuan through fundraising fraud on the GBC platform.Upon investigation, the GBC platform system generated digital symbols out of thin air, which had no economic value. The Zhengzhou Intermediate People's Court, after hearing the case, determined that based on the facts of the crime, its nature, circumstances, and the degree of harm to society, the involved individuals were sentenced to fixed-term imprisonment ranging from fifteen to thirteen years.

HashKey Group Chief Risk and Compliance Officer Ru Haiyang: "A-S-P-I-Re" anchors the three-year development direction for Hong Kong, with at least three major initiatives expected to make substantial progress within the year

ChainCatcher news, HashKey Group's Chief Risk and Compliance Officer, Ru Haiyang, pointed out in an exclusive interview with Phoenix TV's "Asia Finance Perspective" that the Consensus conference and the recent series of Web3 events landing in Hong Kong are just the beginning. The choice of Hong Kong is based on common considerations—Hong Kong not only has a compliant and transparent regulatory environment but also possesses a rich market customer base and a partner ecosystem.In response to the virtual asset development roadmap released by the Hong Kong Securities and Futures Commission that day, Ru Haiyang analyzed that the 5 pillars and 12 initiatives of "A-S-P-I-Re" plan to anchor the direction for the development of the virtual asset industry in Hong Kong over the next three years. This includes opening staking services, attracting global liquidity, exploring derivatives trading and financing lending, adjusting the ratio of hot and cold wallets and insurance, and cross-departmental and cross-regulatory collaboration in innovative fields. Ru Haiyang stated that many contents in this roadmap stem from industry voices and feedback, and it is expected that at least three major initiatives will make substantial progress this year.
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