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Anhui Jingde Court concluded a pyramid scheme case involving virtual currency, involving about 6.39 million yuan

Anhui Jingde Court concluded a pyramid scheme case involving virtual currency, involving about 6.39 million yuan

CointimeCointime2024/12/14 07:44
By:Cointime

On December 14th, according to the public account of Jingde County People's Court, Jingde Court in Anhui recently concluded a case of organizing and leading pyramid schemes. Seven people, including Li, Xiang, and Huang, were sentenced to imprisonment ranging from two to three years, with suspended sentences and fines. In 2022, Xu (handled separately) planned to develop the "Mobius" project, which involves issuing and promoting MBUS (Mobius) virtual currency and cards. Xu contacted a technology company to write program code and test the website according to requirements, generating four smart contract addresses. Later, Xu contacted Li, Xiang, Huang, and others through Liao to cooperate in issuing MBUS virtual currency and other projects. They used the guise of investing in virtual currency and derivative projects, exaggerated the investment prospects of the project, concealed the true sources of compensation and rebates, and required participants to purchase and hold MBUS coins, NFT cards, and MSS coins. They actively developed downline personnel through "recruiting" and organized hierarchies in a certain order, directly or indirectly using the number of developed personnel, the amount and quantity of virtual currency and cards purchased, etc. as the basis for compensation or rebates, defrauding participants of a total of more than 964,000 USDT (1 USDT is approximately equal to 1 US dollar, equivalent to approximately 6.39 million yuan).

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