A man in Hebei Province, China was jailed for five years and four months for illegally raising funds using the metaverse concept

Comparatively, China's Hebei Provincial High Court released a typical case of cracking down on illegal fund-raising. A man promoted a virtual commodity investment project on the Newmateworks platform under Yishang United Community to the public with a metaverse concept package to induce the public to participate in the investment, and directly introduced 19 investors to invest 15.3936 million yuan, of which 1.1014 million yuan has already been returned, and 14.2922 million yuan has not been returned.

The court found that this case used emerging technology concepts such as the metaverse as cover to carry out fraudulent marketing, violating the provisions of national financial management laws and regulations. The amount was huge. The act constituted a crime of illegally absorbing public deposits, and was sentenced to 5 years and 4 months in prison and a fine.