Techub News reports that Zhejiang Taizhou cyber police recently announced a major scam case disguised as "Metaverse" and "Virtual Currency." The criminal gang promoted face recognition payment devices as a cover, attracted traffic through a points system, and then lured over 130 investors to buy their self-issued "air coins." The gang continued to extract money by restricting withdrawals through lock-up, manipulating prices behind the scenes, and forcing "coin exchanges," accumulating a total fraud amount of up to 35 million yuan.

The court found that the defendants, with the purpose of illegal possession, used high-tech concepts to commit fraud, with a particularly large amount involved. Ultimately, the main offender was sentenced to 10 years in prison and fined 200k yuan. This case once again reminds investors to be cautious of any high returns promised under the guise of "new technology," and to stay away from illegal fundraising and air coin traps.