A criminal gang used a fake cryptocurrency platform as a front to commit fraud, with the ringleader sentenced to 11 years and 6 months in prison

BlockBeats News, May 8th. The Intermediate People's Court of Loudi City, Hunan Province, China, released a typical case of telecommunications network fraud and its associated crimes. Three individuals, including Liu, established a fraud workshop in the Yuelu District of Changsha, using the identity of "Asian beauties" to disguise their true intentions, and used the Hconex digital currency platform as a guise to carry out the fraud. The criminal gang manipulated backend data to make the virtual currency invested by victims appear to have been completely "lost," resulting in a total fraud amount of over 1 million RMB.

In the first instance at the People's Court of Shuangfeng County, Hunan Province, and the second instance at the Intermediate People's Court of Loudi City, the judgment was as follows: main culprit Liu was sentenced to 11 years and 6 months in prison and fined 300,000 RMB; Kang was sentenced to 11 years and 2 months in prison and fined 300,000 RMB; Zeng was sentenced to 7 years and 6 months in prison and fined 90,000 RMB. The illegal gains of the three individuals will be recovered according to the law.