The Financial Committee Office of the Hunan Provincial Party Committee, the Financial Work Committee of the Hunan Provincial Party Committee, and the official account of the government information release platform of the Hunan Local Financial Administration disclosed a case of fund-raising fraud on the GBC platform. Mr. Zhou, Mr. Tong, and Mr. Wu entrusted Chengdu Xingyi Network Technology Co., Ltd. to design the computer client and mobile app of the GBC platform software. Mr. Wu lied that GBC currency and fortune currency were blockchain virtual currencies, which were developed offline in Jinshui District, Zhengzhou City and other places. By the time of the incident, the "GBC" platform had developed 47 layers of members, involving 59548 member accounts and a total of 3.408 billion yuan in incoming and outgoing funds. Among them, there were 40480 loss making member accounts, resulting in a loss of 629 million yuan. The main culprit profited more than 226 million yuan through fundraising fraud on the GBC platform.
After investigation, it was found that the numerical symbols generated out of thin air by the GBC platform system have no economic value. The Intermediate People's Court of Zhengzhou City, after trial, found that based on the facts, nature, circumstances, and degree of harm to society of the crime, the person involved was sentenced to imprisonment ranging from 15 to 13 years in accordance with the law.
