- The Lechang Court sentenced criminals defrauding foreigners via crypto with prison terms.
- Legal enforcement highlights strict regulatory stances in China.
- Fraud targets retail investors, involving unregulated platforms and impersonation.
The People’s Court of Lechang City, Shaoguan, Guangdong Province, sentenced perpetrators in a cryptocurrency fraud case targeting foreigners, involving a 4,619.9 RMB ($462) loss, with six to eight-month prison terms.
This case emphasizes China’s crackdown on cross-border cryptocurrency crimes and legal enforcement, sending a global message against targeting foreign investors under the guise of legal loopholes.
Conviction Impact and Investor Guidance Amid Scams
Zhang Mosong and others crafted a cryptocurrency scam, impersonating financial bloggers on social media. They fraudulently guided foreign victims into investing approximately 4,619.9 RMB ($462) on a sham platform. The Lechang People’s Court delivered sentences of six to eight months to the perpetrators and imposed fines.
Authorities issued public reminders that “overseas is not a lawless zone,” reiterating illegal cross-border crypto activities attract criminal penalties. Judicial statements reinforced this legal stand, compelling communities to increase risk-awareness efforts.
Historical Context, Price Data, and Expert Insights
Did you know? Guangdong courts have prosecuted over 50 cross-border crypto fraud cases since 2024, indicating a substantial effort to combat virtual currency scams targeting foreigners.
According to CoinMarketCap, Tether USDt (USDT) holds the line at $1.00, with a market cap of $183.44 billion, reflecting a modest dominance of 4.96%. In 24 hours, trading hit $84.16 billion, showing a slight -0.08% change. Price remains steady over 90 days as of November 2, 2025.
Tether USDt(USDT), daily chart, screenshot on CoinMarketCap at 19:01 UTC on November 2, 2025. Source: CoinMarketCapCoincu analysts anticipate further regulatory tightening, potentially leading to more stringent cross-border crypto measures. Data suggests alertness among investors is vital to curbing platform scams.
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Source: https://coincu.com/news/lechang-court-crypto-fraud-conviction/
