The Supreme People's Procuratorate disclosed a case involving 1.2 million yuan in U currency fraud: the prosecutor stated that virtual currency transactions do not fall within the regulatory scope of contract fraud

According to the official account of the Supreme People's Procuratorate, a recent case involving U Coin fraud was heard in Xuzhou, Jiangsu, where Wang and others defrauded the victim, Xiao, of 1.2 million yuan under the pretense of purchasing U Coin. The case was initially transferred for prosecution on suspicion of robbery, but the procuratorial authority believed that Wang and others had meticulously set a trap, using false transactions as bait to essentially defraud the victim of U Coin, which constituted fraud. Therefore, they filed a public prosecution with the court.

During the trial, the defense attorney presented arguments that the defendants constituted contract fraud. Whether the case is classified as fraud or contract fraud will result in significant differences in sentencing. The prosecutor pointed out that the criminal law stipulates that contract fraud is aimed at maintaining market order, and the contract content must reflect the attributes of a socialist market economy. Virtual currency transactions are illegal financial activities explicitly prohibited by the state and do not fall within the regulatory scope of contract fraud.