A verdict was handed down in the US and Middle Eastern royal family's crypto fraud case, and a female investor in the crypto mining industry lost nearly 130 million yuan

Comparatively, in Ohio, a multinational fraud case impersonating the Middle Eastern royal family was recently handed down. The two main offenders were sentenced to 24 and 23 years in prison, respectively, and ordered to pay compensation of about US$21.2 million.

In the case, Zubair Al Zubair, 42, and Muzameer Al Zubair, 31, were accused of impersonating members of the Middle Eastern royal family and hedge fund managers for a long time, committing fraud in the name of government cooperation+crypto mining investments, and gaining trust through false identities and official relationships. Investigations revealed that by bribing former local officials, the two obtained titles such as so-called international economic advisors, to further package the credibility of the project.

One of the main victims was a Chinese crypto investor. According to reports, the investor participated in Bitcoin mining in Sichuan in the early years, then went to the US to develop, and was introduced to a fake mining project in Ohio. He successively invested in cash and equipment, and the total loss was close to 18 million US dollars (about 130 million yuan).

In the course of the fraud, victims were asked to pay millions of dollars and purchase mining equipment. Some of the equipment was then transferred and monetized at a low price. The case was eventually revealed when another victim reported the crime, and the police then launched an investigation and traced the flow of funds.

In handing down the verdict, the judge pointed out that the two used false identities and lavish lifestyles to commit systematic fraud and seriously damage the credibility of local public institutions. Former city officials who helped commit fraud have also been convicted.