The Guangdong Court in China has concluded a case involving a virtual currency "Rug Pull" scam.

BlockBeats News, November 2, the People's Court of Lechang City, Shaoguan, Guangdong, China, concluded a cross-border fraud case. The criminals, after gaining the victim's trust, guided them to invest in virtual currency on a false platform, thereby deceiving the victim of their property. The Lechang court sentenced the criminals to imprisonment for eight to six months and imposed fines in accordance with the law.

On March 9, 2024, Zhang Mosong and others used mobile phones and computers to bypass the Great Firewall and access the overseas internet, disguising themselves as financial and economic bloggers on social platforms to add victims as friends. After gaining the victim's trust, they guided the victim to invest in virtual currency on a false platform, thereby deceiving the victim of their property. Upon investigation, a foreign victim was defrauded of RMB 4619.9. Subsequently, the defendant's relatives withdrew all proceeds of the fraud on their behalf.

The judge reminded that the so-called "only defrauding foreigners" is by no means a legal exemption reason. Overseas is not outside the law; do not easily believe the fallacy that "defrauding foreigners is not illegal" (Lechang Court Public Account).