A fraud case involving a "metaverse" concept coin was reported in Taizhou, Zhejiang Province, with the amount involved reaching 35 million yuan.

CoinFeed reported on April 18 that Taizhou, Zhejiang police reported a fraud case involving "Metaverse" and "virtual currency." The fraud gang, under the guise of promoting facial recognition payment devices, defrauded over 130 investors of more than 35 million yuan. The gang charged franchise fees ranging from several thousand to tens of thousands of yuan, offering points promised as redemption for gifts or company IPO shares. After accumulating points, they falsely claimed that binding to "GDFC" virtual currency was necessary for cashing out, boasting of its huge appreciation potential. In reality, GDFC was a self-issued "air coin" (worthless cryptocurrency). Through locking up funds, manipulating prices, and "currency exchange" methods, they induced victims to invest more. All investment funds ultimately flowed through complex channels into the gang's personal accounts for investment, real estate purchases, and extravagant spending. Ultimately, the court sentenced the defendants to 10 years in prison for fraud and fined them 200,000 yuan.