Recently, the Guangdong Provincial High People's Court made a ruling on a fraud case involving a huge amount of virtual money. In the case, the main culprit, Xiong, and his accomplices created a virtual currency called "CGC coin" and attracted investors with the false promise of "3% daily returns." They manipulated the coin price to create a false market trend, ultimately illegally obtaining about 107 million yuan (equivalent to 15 million USD). The court found Xiong and others guilty of fundraising fraud and sentenced the main culprit to 15 years in prison.

In addition, the case also involves a technician named Cai. During the development of the related system, Cai privately intercepted and concealed approximately 155,000 yuan (equivalent to 23,000 USD). The court comprehensively considered his actions constituting the crime of aiding and abetting and theft, and ultimately sentenced Cai to 3 years of imprisonment.

This case once again highlights the potential risks of the virtual money market. Investors should remain vigilant and guard against the fraudulent traps that may be hidden behind promises of high returns. At the same time, this also reflects that regulatory authorities are intensifying their crackdown on illegal activities related to virtual money to maintain financial market order and protect investors' rights.