A case involving 1.2 million yuan in USDT fraud goes to trial in Xuzhou; prosecutor states that virtual currency transactions do not fall within the scope regulated by the crime of contract fraud

Odaily reports that Xuzhou, Jiangsu recently tried a fraud case involving USDT. Wang and others, under the pretext of purchasing USDT, defrauded the victim Xiao of 1.2 million yuan. The case was initially transferred for review and prosecution on suspicion of the crime of forcible seizure, and the procuratorial authority held that the conduct was suspected of the crime of fraud and therefore instituted a public prosecution with the court. During the trial, the defense raised the argument that the defendants constituted the crime of contract fraud; the prosecutor stated that virtual currency transactions are illegal financial activities explicitly prohibited by the state and do not fall within the scope regulated by the crime of contract fraud.