The Procuratorate of Xichuan County, Henan Province handled a virtual currency pyramid scheme case involving a total amount of 120 million yuan.

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Cointime2023/12/06 09:33

By:Cointime

The Xiachuan County Procuratorate in Henan Province recently handled a virtual currency pyramid scheme involving an amount of 120 million yuan. The suspect Wang commissioned a high-tech company to customize software, set up the "Red Bull Decentralized Exchange" website, publicly issue "NB Coins (Bull Coins)" online, develop a corresponding Red Bull Coin Trading App, and conduct pyramid schemes in the name of "virtual currency" and "blockchain", and established the "Red Bull Business School Lecturer Team" to promote offline. In just one year, the gang involved developed 2,128 members and cheated more than 120 million yuan.
According to the appraisal of the judicial appraisal agency, the user hierarchical relationship information of "Red Bull Decentralized Exchange" totaled 1,322,474, and users recharged with virtual currencies such as USDT and BTC, of which the amount of USDT was 201,819,88.4840085 (valued at approximately 120 million yuan). On July 14th of this year, the Intermediate People's Court of Nanyang City revoked the first-instance judgment against Wang and sentenced him to five years and nine months in prison for organizing and leading pyramid schemes, and fined him 500,000 yuan.

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