Xingyi City publicly tried a case of virtual currency "mining" pyramid scheme, involving funds of over ten million yuan

ChainCatcher news, the People's Court of Xingyi City, Guizhou Province, publicly tried a case of organizing and leading pyramid schemes. The defendant, Qin, used the pretext of "mining" with virtual currency to lure more than 70 people into participating in the pyramid scheme, with the involved funds exceeding tens of millions.

It is reported that the company launched a short-term rental computing power hosting business, claiming to rent "computing power" to customers as bait for high investment returns, enticing participants to continue recruiting friends and family for investment. Based on the facts established during the trial and the circumstances of sentencing, the court sentenced the defendant Qin to 2 years and 6 months in prison for organizing and leading pyramid schemes.