A virtual currency investor in Changzhou was sentenced to 11 years in prison for defrauding a huge amount of money to raise capital

a certain enterprise in Changzhou disclosed on its procuratorial public account that an employee became addicted to trading virtual currency called KK coin after coming into contact with it. In order to raise capital, he fabricated reasons and cheated 16 colleagues out of more than 1.97 million yuan, which was used to buy and sell virtual currency on a network gambling platform. The Changzhou Economic Development Zone Procuratorate filed a public prosecution and on September 9, 2024, the court sentenced the defendant Zhang to 11 years in prison for fraud and imposed a fine of 300,000 yuan.