According to the prosecutor’s office, the scammers deceived more than 10,000 victims from various regions of China, including the provinces of Jiangsu, Guizhou, and Hunan. The criminals guaranteed investors double profits when investing in the FIL cryptocurrency, but the fraudsters stole the funds. They received prison terms of three to five years, along with conditional release. In addition, the violators were sentenced to fines ranging from 210,000 (about $28,860) to 250,000 yuan (about $34,360).
Cryptocurrency trading and mining are banned in China, so the authorities are taking strict measures against illegal financial transactions inside the country. Law enforcement officials have advised Chinese citizens to exercise caution to protect themselves from similar scams in the future and not lose money. The police have warned that they will continue to identify cases of cryptocurrency fraud in the country to protect investors from illegal investment schemes.
Recall that in August 2023, the Pingnan District People’s Court of China began open hearings on the case of five organizers of the Filecoin cryptocurrency mining scam. During this fraudulent scheme, they managed to attract 600 million yuan (about $82.4 million).
Source: Bits
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