Wu said that the Shanghai First Intermediate People's Court recently concluded a second-instance criminal case involving digital collectibles, according to its official WeChat account. Defendants Wang and others used a third-party blockchain company to "on-chain" digital collectibles, whose underlying electronic images were generated by AI. They used fraudulent methods to illegally raise a large amount of funds. Wang was sentenced to eight years and six months in prison and a fine of 550,000 yuan for fundraising fraud. The judge reminded that most digital collectible transfer platforms currently lack legal qualifications, and platform operators should obtain licenses in accordance with the law.