The Supreme People's Procuratorate disclosed a fraud case involving 1.2 million yuan in USDT: the prosecutor stated that virtual currency transactions do not fall within the scope of regulation under the crime of contract fraud.

PANews October 31 news, according to the WeChat official account of the Supreme People's Procuratorate, Xuzhou, Jiangsu recently tried a case involving USDT fraud. Wang and others defrauded the victim Xiao of 1.2 million yuan under the pretext of purchasing USDT. The case was initially transferred for review and prosecution on suspicion of the crime of forcible seizure, but the procuratorial organ held that Wang and others carefully set up a trap and, using a false transaction as bait, in substance defrauded the victim of USDT, and their conduct was suspected of the crime of fraud, and therefore initiated a public prosecution with the court.

During the trial, the defender argued that the defendants constituted the crime of contract fraud. Whether the case is determined to be the crime of fraud or the crime of contract fraud will result in a clear difference in sentencing. The prosecutor pointed out that the provision of the crime of contract fraud in criminal law is intended to safeguard market order, and the content of a contract must reflect the attributes of the socialist market economy. Virtual currency trading is an illegal financial activity expressly prohibited by the state and does not fall within the scope regulated by the crime of contract fraud.