Hebei High Court: A man involved in a case involving more than 15 million yuan was sentenced to five years and four months in prison for illegally raising funds under the guise of the Yuanuniverse

The Hebei High Court issued a typical case of cracking down on illegal fund-raising. A man used the concept of "Metaverse" to package investment projects to promote the virtual commodity investment project of the "Newmateworks" platform under "Yishang United Community" to the public, inducing the public to participate in investment, and directly introducing 19 investors to the platform. The investment was 15.3936 million yuan, of which 1.1014 million yuan has been returned, and 14.2922 million yuan has not been returned. The court held that This case used emerging technological concepts such as "Metaverse" as a cover to carry out fraudulent marketing, violating the provisions of national financial management laws, and the amount was huge. The behavior constituted the crime of illegally absorbing public deposits. Chen was sentenced to five years and four months in prison and fined.