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Shanghai Concludes Trial of Digital Collectibles Fraud Case, Main Perpetrator Sentenced to 8.5 Years
Summary: According to reports, the Shanghai First Intermediate People's Court recently concluded a second-instance criminal case involving digital collectibles. The defendants, including Wang, used a third-party blockchain company to issue digitally generated collectibles with AI-drawn images, engaging in illegal fundraising through fraudulent means. Wang was sentenced to eight years and six months in prison and fined ...
According to reports, the Shanghai First Intermediate People's Court recently concluded a second-instance criminal case involving digital collectibles. The defendants, including Wang, used a third-party blockchain company to issue digitally generated collectibles with AI-drawn images, engaging in illegal fundraising through fraudulent means. Wang was sentenced to eight years and six months in prison and fined fifty-five thousand yuan for fundraising fraud. The presiding judge, Gu Pingzhou, pointed out that most digital collectibles trading platforms on the market are formed by users themselves or are trading venues organized illegally by some small and medium-sized platforms. Platform operators should verify their qualifications with relevant regulatory authorities and industry associations before engaging in any business activities and obtain operating licenses in accordance with the law.
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Link: Shanghai Concludes Trial of Digital Collectibles Fraud Case, Main Perpetrator Sentenced to 8.5 Years [Copy]
