Analysis of Financial Fraud Crimes Involving Non-Legal Digital Curr ency: An Empirical Study Based on Multiple Cases

Abstract

With the proliferation of blockchain technology, financial fraud involving non-legal digital currency has become a prevalent type of crime in the digital economy. The 2020 “PlusToken scam” involved approximately 14.8 billion RMB, and the 2023 “Stellar Coin false ICO case” affected over 100,000 investors. Such crimes use “high returns” and “blockchain technology packaging” as bait, employing models like fake trading platforms, illegal ICOs, and pyramid-scheme-style referrals, severely infringing upon public property rights and disrupting financial order. Currently, ambiguities remain in the qualitative assessment and evidence identification of digital currency financial fraud under China’s Criminal Law. This study aims to conduct an in-depth analysis of typical financial fraud cases to summarize fraud typologies and propose potential methods to reduce the probability of such crimes.