PANews reported on February 25 that according to Guangzhou Daily, a Guangdong court recently concluded a virtual currency fraud case. The defendant Xie Moumou founded Company A to issue a virtual currency called "AA Chain", promising investors that the currency would be listed on the exchange and receive high returns.

The case shows that in May 2018, Xie Moumou established Company A in Guangdong and served as the legal representative. He promoted the appreciation potential of "AA Coin" through the Internet platform and promised the victim that it would be listed on the exchange for trading, with an expected return of no less than 5 million yuan. As a result, an investor invested 990,000 yuan to purchase more than 1.6 million AA coins, but these tokens were always locked and could not be traded. The court found that the defendant Xie Moumou fabricated facts to defraud others of property for the purpose of illegal possession, and the amount was extremely huge. He was eventually sentenced to 11 years in prison for fraud and fined 50,000 yuan. The judgment has come into effect.