It was reported that the Economic and Technological Development Zone Branch of the Dongying Public Security Bureau in Shandong Province successfully solved the city's first virtual currency fundraising fraud case. Currently, the main culprit, Wang Moumou, has been sentenced to eleven years and six months in prison. In February 2023, the Economic and Technological Development Zone Branch of the Dongying Public Security Bureau's Investigation and Supervision Brigade discovered that the suspect Wang Moumou had registered a company and issued virtual currency token CET without obtaining a financial license, promising high returns to investors, which is suspected of virtual currency fundraising fraud.
After investigation, in September 2021, Wang Moumou commissioned a certain network company to develop a certain APP and issue virtual currency token CET based on the Tron network. By organizing provincial agents to promote the APP and virtual currency CET through video conferences, WeChat, and other means nationwide, a large number of shareholders (operators) were developed, promising that the profits from investing in CET would grow exponentially, attracting victims to invest. The police investigating the case obtained 1039 registered member information and confirmed 241 people who invested in CET, involving 23 provinces, municipalities, and autonomous regions, with a total amount of more than 200 million yuan.