A virtual currency fraud case involving 220 million yuan was sentenced, and 15 defendants were sentenced to 3 to 13 years in prison

The Shenzhen Procuratorate prosecuted the H digital exchange virtual currency fraud series case and was sentenced in the first instance. 15 defendants were sentenced to 3 to 13 years in prison. The series of cases involved nearly 1,500 victims in total, and the defrauded amount amounted to 220 million yuan. Among them, the defendant illegally established the H digital exchange platform through the server set up outside the country, and operated and traded its self-made U coins online to defraud investors of their funds. They distributed tempting and deceptive platform promotional materials by holding "Chain Merchant Festival" and other methods, and manipulated the U currency price from the initial issue price of 0.25 yuan per coin to 1.31 yuan per coin. Subsequently, the U coin continued to fall to almost zero market value until it could not be traded.