Taizhou authorities have dismantled a fraudulent scheme involving over 6 million yuan, where scammers used 'U-coin' to launder stolen funds. The victim, identified as Jin, was deceived by an online acquaintance into investing in a fake high-interest financial platform. Initially, Jin experienced successful transactions, which led to further investments. However, the scammers later claimed that the platform's RMB access was closed, coercing Jin to convert his money into 'U-coins' to continue investing or withdraw profits. The fraudsters manipulated Jin with promises of higher returns for limited-time deposits, leading him to invest large sums, even borrowing from friends. The police uncovered a sophisticated money laundering operation using 'U-coin' and arrested several individuals involved. In June 2025, the Huangyan District People's Procuratorate prosecuted Li, a key figure in the scheme, who was sentenced to three years and six months in prison and fined 80,000 yuan.