The Hunan Loudi Intermediate Court released a case of Virtual Money fraud: The criminal gang defrauded over 1 million yuan by manipulating backend data.

Techub News reports that the Loudi Intermediate People's Court in Hunan Province has released typical cases of telecom network fraud and its related crimes, one of which involves Virtual Money fraud. In this case, Liu and two others established a fraud studio in the Yuelu District of Changsha and recruited multiple people as salespersons, using the Hconex Digital Money platform as a cover to carry out the fraud. The criminal group manipulated and modified the profits and losses of the virtual digital currency through the backend system, causing the victims' deposited amounts to be entirely lost, defrauding more than 1 million yuan in total. After a first-instance trial by the Shuangfeng County People's Court of Hunan Province, the Loudi Intermediate People's Court sentenced the defendants: Liu was sentenced to 11 years and 6 months in prison with a fine of 300,000 yuan; Kang was sentenced to 11 years and 2 months with a fine of 300,000 yuan; Zeng was sentenced to 7 years and 6 months with a fine of 90,000 yuan; and the illegal proceeds of the three were confiscated according to the law.