Chengdu court discloses virtual currency fundraising fraud and money laundering case, with more than 29,000 participants losing a total of more than 1.7 billion yuan

The Chengdu Court released the top ten typical cases of 2024, including a case of fund-raising fraud and money laundering involving the "GUCS" virtual currency and the associated software "Wa11et Pro" APP. The defendant Wang Moumou and others vigorously promoted the economic value and investment prospects of GUCS coins in Chengdu, Deyang, Meishan and other places, and developed downlines in the form of recruiting people, causing more than 29,000 fund-raising participants to lose a total of more than 1.7 billion yuan. Wang Moumou was sentenced to life imprisonment, deprived of political rights for life, and confiscated all personal property. In addition, the Chengdu Court also disclosed a case of a "mining machine" sales contract dispute between a Singaporean company and a Sichuan real estate company, and ruled that a Sichuan real estate company should refund the US$836,000 paid by a Singaporean company, and US$22,534 in freight and insurance fees, and rejected other claims of a Singaporean company.