Shanghai concludes digital collectible fraud case, main culprit sentenced to 8 and a half years

According to ChainCatcher news, the Shanghai First Intermediate People's Court (Shanghai No. 1 Intermediate Court) disclosed on its official account that the court recently concluded a second-instance criminal case involving digital collectibles. The defendants, including Wang, issued digital collectibles generated by AI through a third-party blockchain company for "on-chain" distribution, using fraudulent methods to illegally raise funds, with a huge amount involved. As a result, the court sentenced defendant Wang to eight years and six months in prison and imposed a fine of 550,000 yuan for the crime of fundraising fraud.

The presiding judge of the second-instance case, Gu Pingzhou, pointed out that most of the digital collectible transfer platforms currently available in the market are spontaneously formed by users or are trading venues illegally organized by certain small and medium-sized platforms. For platform operators, before engaging in any business activities, they should verify their admission qualifications with relevant regulatory authorities and industry associations and legally obtain business licenses.