According to ChainCatcher, the Shanghai First Intermediate People's Court recently concluded a second-instance criminal case involving digital collectibles. The defendant Wang and others issued digital collectibles with underlying electronic images generated by AI through a third-party blockchain company, using fraudulent methods to illegally raise funds on a large scale. Wang was sentenced to eight and a half years in prison and fined 550,000 yuan for the crime of fundraising fraud.
The presiding judge of the second-instance trial, Gu Pingzhou, pointed out that most digital collectible trading platforms currently in the market are either spontaneously formed by users or illegal trading venues organized by small and medium-sized platforms. For platform operators, they should verify their entry qualifications with relevant regulatory authorities and industry associations before engaging in any business activity and legally obtain operating permits.
