Man Sentenced to 5.37 Years for Metaverse-Themed Ponzi Scheme Involving 15.39 Million Yuan

According to Hebei High Court announcement reported by ChainCatcher, a man was sentenced to five years and four months on June 17 for operating an illegal fundraising scheme under the guise of metaverse investment. The defendant solicited 15.39 million yuan from 19 investors through the "Newmateworks" platform, of which 1.10 million yuan was returned and 14.29 million yuan remains outstanding. The court found the scheme used emerging technology concepts as cover for fraudulent marketing in violation of financial management laws, and the defendant was convicted of illegal public deposit absorption and ordered to pay a fine.
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