Jiangxi police cracked down on the "Huanya International Tourism" pyramid scheme, seizing 1.42 million USDT

ChainCatcher news, recently, the Xianshankou Branch of the Public Security Bureau of Pingxiang City, Jiangxi Province successfully dismantled a network pyramid scheme criminal gang that used blockchain technology to issue "USEA coins" and "TVL coins". Three main suspects were arrested, 1.42 million "Tether" coins involved in the case were seized, along with 2 computers, 12 mobile phones, and 30 bank cards, with the amount involved exceeding 10 million yuan.

In May of this year, police officers from the branch discovered during their work that the local community's participation in the "Huanya International Tourism" project was suspected of organizing and leading network pyramid scheme crimes. This gang used blockchain technology to develop "TVL" coins and issue "USEA" virtual currency, using social networking platforms such as WeChat and QQ as a medium, adopting a "referral" method to recruit members. They lured members to invest by selling virtual currency and offering economic benefits such as commission rebates and dividends, inciting and inducing members to develop multiple levels of downlines. Over a period of more than three months, they developed downline members to 4 levels, totaling over 3,000 people.

Currently, the three suspects have been subjected to criminal coercive measures in accordance with the law, and the case is still under further investigation. (source link)