Lechang Court Convicts Foreign Cryptocurrency Fraudsters

The People’s Court of Lechang City, Shaoguan, Guangdong Province, sentenced perpetrators in a cryptocurrency fraud case targeting foreigners, involving a 4,619.9 RMB ($462) loss, with six to eight-month prison terms.

This case emphasizes China’s crackdown on cross-border cryptocurrency crimes and legal enforcement, sending a global message against targeting foreign investors under the guise of legal loopholes.

Conviction Impact and Investor Guidance Amid Scams

Zhang Mosong and others crafted a cryptocurrency scam, impersonating financial bloggers on social media. They fraudulently guided foreign victims into investing approximately 4,619.9 RMB ($462) on a sham platform. The Lechang People’s Court delivered sentences of six to eight months to the perpetrators and imposed fines.

Authorities issued public reminders that “overseas is not a lawless zone,” reiterating illegal cross-border crypto activities attract criminal penalties. Judicial statements reinforced this legal stand, compelling communities to increase risk-awareness efforts.

“The claim of ‘only defrauding foreigners’ is not a legal exemption; overseas is not a lawless zone, and one should not believe the fallacy that ‘defrauding foreigners is not illegal.’

Historical Context, Price Data, and Expert Insights

Did you know? Guangdong courts have prosecuted over 50 cross-border crypto fraud cases since 2024, indicating a substantial effort to combat virtual currency scams targeting foreigners.

According to CoinMarketCap, Tether USDt (USDT) holds the line at $1.00, with a market cap of $183.44 billion, reflecting a modest dominance of 4.96%. In 24 hours, trading hit $84.16 billion, showing a slight -0.08% change. Price remains steady over 90 days as of November 2, 2025.

Coincu analysts anticipate further regulatory tightening, potentially leading to more stringent cross-border crypto measures. Data suggests alertness among investors is vital to curbing platform scams.