#Cryptocurrency fraud victims total 29,000#

Among the ten typical cases released by Chengdu Court in 2024, a “GUCS” virtual currency fundraising fraud and money laundering case was disclosed. The case involved over 29,000 participants and resulted in losses of over 1.7 billion yuan. Defendant Wang, along with others, promoted the economic value and investment prospects of “GUCS” coins, developing a network of referrals, ultimately resulting in a life sentence, deprivation of political rights for life, and confiscation of all personal property. The exposure of this case serves as a reminder that virtual currency investments carry significant risks. Investors should invest cautiously and avoid falling prey to scams. Additionally, the case involves a dispute over a “mining machine” purchase contract between a Singaporean company and a Sichuan real estate company. The court ultimately ruled that the Sichuan real estate company should refund the Singaporean company the US$836,000 already paid, as well as the freight and insurance costs of US$22,534.