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Criminals fabricated Google's "Google Coin" blockchain project to illegally profit over 20 million yuan

ChainCatcher news, according to CCTV News, the prosecution has found that in recent years, as the efforts to punish pyramid scheme crimes in accordance with the law have intensified, some criminals have shifted their pyramid schemes from offline to online to evade regulation and crackdown. From January to September 2024, national procuratorial organs prosecuted 4,627 people for organizing and leading pyramid scheme activities. Lawbreakers have exploited the virtuality and convenience of the internet to concoct various "get-rich-quick scams" that are difficult to distinguish between true and false, luring the public to participate.Some have engaged in online pyramid schemes by leveraging new concepts and social hotspots such as virtual currency, blockchain, financial innovation, and charitable mutual assistance. For example, in the case involving Sheng and others, they fabricated a "Google Coin" blockchain project purportedly from Google, publicly promoting and hyping it through online media, and soliciting purchases of "Google Coin" using ETH (Ethereum) as the settlement currency, ultimately developing over 60,000 members and illegally profiting more than 20 million yuan.The procuratorial organs remind the public to stay vigilant, not to believe in "get-rich-quick" schemes, not to be greedy for "small profits," and to consciously resist the temptation of seemingly easily obtainable "high returns," in order to avoid falling into the "trap" of online pyramid schemes.
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