#Cryptocurrency scam exposed, 29,000 people lose 1.7 billion yuan#

Among the top ten typical cases released by the Chengdu Court in 2024, a "GUCS" virtual currency fundraising fraud and money laundering case was revealed. The case involved over 29,000 participants and resulted in a total loss of over 1.7 billion yuan. The defendants, Wang Moumou and others, promoted the economic value and investment prospects of "GUCS" coins, developing downstream customers through a pyramid scheme. They were ultimately sentenced to life imprisonment, deprived of political rights for life, and had all of their personal property confiscated. The exposure of this case serves as a renewed warning to people that virtual currency investments carry significant risks. Investors should carefully select investment projects and avoid falling into scams. In addition, the case also involved a dispute over a "mining machine" sales contract between a Singaporean company and a Sichuan real estate company. The court ultimately ruled that the Sichuan real estate company must return US$836,000 in payments, as well as US$22,534 in shipping and insurance fees to the Singaporean company.