Zhejiang Internet Police in China reports a scam case using "virtual currency" as a cover.

Mars Finance News, April 18 — The online police in Taizhou, Zhejiang Province, China, recently reported a scam case using the guise of “Metaverse” and “virtual currency.”
The criminal gang promoted face recognition payment devices, initially attracting users through a points system, then lured investors to purchase their self-issued “air coins,” and continued to extract money through lock-up, price manipulation, and “currency exchange” methods.
Ultimately, they defrauded over 130 investors of approximately 35 million yuan.
The court found that the defendant committed fraud with the purpose of illegal possession, with a particularly large amount involved, and sentenced them to 10 years in prison and a fine of 200,000 yuan.