The Supreme People's Procuratorate disclosed a case involving a 1.2 million yuan U-coin fraud, stating that virtual currency transactions do not fall under the scope of contract fraud.

The Supreme People's Procuratorate disclosed that Wang and others defrauded Xiao of 1.2 million yuan under the guise of purchasing U-coins. The procuratorate has filed a public prosecution against Wang and others for fraud. During the trial, the prosecutor pointed out that virtual currency trading is an illegal financial activity explicitly prohibited by the state and does not fall within the scope of the crime of contract fraud. (Source: Supreme People's Procuratorate)