Woofun AI reports that the Hebei High Court has issued a ruling on a typical case of illegal fundraising, where defendant Chen utilized the 'Metaverse' narrative to mask fraudulent activities. Operating through the 'Newmateworks' platform and linked to the 'Yishang United Community,' Chen marketed virtual commodity investment products to the public, directly recruiting 19 investors who contributed a total of 15.3936 million RMB.

The court determined that the scheme violated national financial management laws by using emerging technology concepts as a cover for illicit profit generation. With only 1.1014 million RMB returned, 14.2922 million RMB remains outstanding. Chen was convicted of illegally absorbing public deposits and sentenced to five years and four months in prison, alongside a monetary fine.