Kunming has cracked a case of a virtual currency mining pyramid scheme involving more than 280 million yuan in funds

2024-05-15 18:47:08

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ChainCatcher news, November 2023, the Economic Investigation Team of the Kunming Public Security Bureau successfully cracked a new type of online pyramid scheme crime using virtual currency and blockchain concepts as a vehicle. Since 2022, individuals including Li have established a community on a public blockchain on the internet, using the bait of "earning static mining income through stakable virtual currencies" and "developing downlines to stake virtual currencies for substantial dynamic referral income," claiming that every level of players can receive management rewards of 2% to 30% from direct referrals. As of April 2023, their group had developed over 10,000 members, formed a hierarchical criminal organization with 15 levels, and involved funds exceeding 280 million yuan. Currently, 15 criminal suspects have been arrested in this case, 8 have been approved for arrest, and 11 have been transferred for prosecution.

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