Woofun AI reports that the High Court of Hebei Province has released a typical case regarding the crackdown on illegal fundraising activities. The defendant promoted an investment project packaged with the 'Metaverse' concept through the 'Newmateworks' platform, which is affiliated with the 'Yishang Community.' He induced the public to participate in the investment, directly introducing 19 investors who contributed a total of ¥15.3936 million. Of this sum, only ¥1.1014 million has been refunded, leaving ¥14.2922 million unrecovered.

The court ruled that the perpetrator used the emerging technology concept of the 'Metaverse' as a cover to conduct fraudulent marketing, thereby violating national financial management laws. Given the huge amount involved, the behavior constituted the crime of illegally absorbing public deposits. Consequently, the defendant was sentenced to five years and four months in prison and ordered to pay a fine.