The Zhenjiang Court handled a virtual currency pyramid scheme case, with the amount involved exceeding 80 million yuan

ChainCatcher news, the People's Procuratorate of Danju District, Zhenjiang City, Jiangsu Province recently prosecuted the suspect of the "moomworld" project. The court sentenced Chen to three years in prison for organizing and leading pyramid scheme activities, and imposed a fine of 500,000 yuan.

According to the investigation by the public security organs, around June 2020, Chen, along with Chen A, Tang, Lai, and Yu (all handled in separate cases), developed the "moomworld" project in Malaysia, promoting MT and SGB virtual currencies through an online platform, and engaged in illegal pyramid scheme activities by recruiting members and expanding the downline. By the time of the incident, the platform had accumulated over 100,000 registered members, with levels reaching 1,173, and members had recharged 13,189,726.171886 USDT, equivalent to 83,886,658.45 yuan. (source link)