February 26, 2025 | Fraud Warning Window: Virtual Currency Fundraising Caused Losses of 629 Million Yuan!

In March 2018, Zhou, Tong, Wu, and others entrusted Chengdu Xingyi Network Technology Co., Ltd. to design the GBC platform software and create false promotional materials. They falsely claimed that GBC Coin and Wealth Coin were blockchain virtual currencies with huge appreciation potential, developing downlines through WeChat groups and Moments in places like Zhengzhou, deceiving members into purchasing.

On June 10, Zhou and others held a national promotion meeting for GBC in Tongxiang, Zhejiang, falsely promoting the company's background. On July 20, the platform's funding chain broke, and Zhou falsely claimed that the server had been hacked, deceiving members to continue buying. Three days later, he instructed the company to take the software offline and delete data, while Zhou and Liu used other people's bank cards to transfer illegally obtained member funds.

The “GBC” platform developed 47 layers of members, involving 59,548 accounts, with a total funding of 3.408 billion Yuan, causing many members to incur losses, while the main perpetrators gained over 226 million Yuan. In reality, GBC Coin and Wealth Coin were merely fabricated digital symbols with no economic value.

The Zhengzhou Intermediate People's Court found that Zhou, Tong, Wu, and Liu illegally raised funds for the purpose of illegal possession, constituting the crime of fundraising fraud. They played major roles in the joint crime, with Wu and Liu having relatively minor roles, while Zhou and Tong confessed. Based on the facts and nature of the crime, the court sentenced the four to prison terms ranging from fifteen to thirteen years.

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