"Ubank" virtual currency fund case, 33 defendants sentenced, with a total of 80 million yuan recovered

2023-03-23 14:22:41

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ChainCatcher news, according to the report from the "Xuzhou Procuratorate Release" public account, the Xinyi City Procuratorate in Jiangsu Province has legally prosecuted the "Ubank" virtual currency fund case for the crime of organizing and leading pyramid schemes. The court made a guilty verdict in the first instance, and the 33 defendants in this case were sentenced to fixed-term imprisonment ranging from two to six years. Meanwhile, the Xinyi City Procuratorate has carried out work to recover losses, promptly seizing the funds that each defendant earned from investments and the funds transferred by "Ubank" under the guise of investments, totaling 80 million yuan in recovery.

"U Coin" stands for the "Ubank" virtual currency trading platform. Between November 2018 and May 2021, it sold the virtual currency "Ubank" under the guise of "mining," using a recruitment method to absorb pyramid scheme funds, trading on its established digital wallet exchange. During the investigation, it was found that the platform's registered user base exceeded 100,000, with a trading volume related to pyramid schemes exceeding 10 billion yuan. (Source link）

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