A "rich second generation" in Jiangsu was defrauded by investing in Dogecoin, and was sentenced to three years in prison for contract fraud involving

it was reported by the Procuratorial Daily that a "rich second generation" named Zhuang invested in "Dogecoin" due to the lure of high returns. In September, the price of "Dogecoin" plummeted. After holding a large amount of investment for a month, Zhuang found that the platform for purchasing virtual currency could not be operated and the funds in the platform could not be withdrawn. Eventually, even the webpage could not be opened. Zhuang was cheated because of investing in virtual currency. He tried to turn things around by gambling, but ended up owing debts of over one million yuan. Facing debt collection, he made mistake after mistake and even rented six luxury cars to pledge for loans and cheated the victim Gu out of more than 1.16 million yuan. Recently, the Procuratorate of Taicang City, Jiangsu Province, filed a public prosecution. Zhuang was sentenced to three years in prison for the crime of contract fraud.