PANews reported on February 28 that the Office of the Financial Committee of the Hunan Provincial Party Committee, the Financial Working Committee of the Hunan Provincial Party Committee, and the official account of the Hunan Provincial Local Financial Administration Bureau's government information release platform disclosed a GBC platform fundraising fraud case. Zhou, Tong, Wu and others commissioned Chengdu Xingyi Network Technology Co., Ltd. to design the GBC platform software computer client and mobile APP. Wu lied that GBC coins and wealth coins were blockchain virtual currencies and developed offline in Jinshui District, Zhengzhou City and other places. By the time the case was discovered, the "GBC" platform had developed 47 levels of members, involving 59,548 member accounts, with inflows and outflows of 3.408 billion yuan, including 40,480 loss-making member accounts, with a loss of 629 million yuan. The main culprit made a profit of more than 226 million yuan through the GBC platform fundraising fraud.

After investigation, it was found that the digital symbols generated out of thin air by the GBC platform system had no economic value. After trial, the Zhengzhou Intermediate People's Court held that according to the facts, nature, circumstances and degree of harm to society of the crime, the persons involved in the case were sentenced to fixed-term imprisonment ranging from fifteen to thirteen years.