TechFlame reports that according to the official account of Shanghai No. 1 Intermediate People's Court (Shanghai First Intermediate Court), the court recently settled a criminal case involving digital collections in the second instance. Defendant Wang and others distributed the underlying electronic images “on the chain” through a third-party blockchain company. Using fraudulent methods to raise funds illegally, the amount was huge. As a result, defendant Wang was separately sentenced to eight years and six months' imprisonment and a fine of 550,000 yuan for fund-raising fraud. Judge Gu Pingzhou, presiding judge of the second trial in this case, pointed out that most of the digital collection transfer platforms currently in the market are trading places formed spontaneously by users, or that some small to medium platforms are illegally organized. For platform operators, before engaging in a certain business activity, they should verify their entry qualifications with the relevant supervisory authorities and industry associations and apply for a business license in accordance with the law.