The Xichuan County Procuratorate in Henan Province is handling a virtual currency pyramid scheme case, with an amount involved reaching 120 million yuan

ChainCatcher news, according to the Procuratorial Daily report, the Xichuan County Procuratorate in Henan Province recently handled a virtual currency pyramid scheme case involving an amount of 120 million yuan. The suspect Wang entrusted a high-tech company to customize software, set up the "Red Bull Decentralized Exchange" website, and publicly issued "NB Coin (Bull Coin)" online, developing a corresponding Red Bull trading app to carry out pyramid scheme activities under the guise of "virtual currency" and "blockchain," and established the "Red Bull Business School Lecturer Group" for offline promotion and publicity. In just one year, the involved gang developed 2,128 members and defrauded over 120 million yuan in property.

According to the identification by the judicial appraisal agency, the "Red Bull Decentralized Exchange" user hierarchy information totaled 1,322,474 entries, with users recharging virtual currencies such as USDT and BTC, among which the amount of USDT was 2,0181,988.4840085 (valued at approximately 120 million yuan). On July 14 of this year, the Nanyang Intermediate Court revoked the first-instance judgment against Wang, sentencing him to five years and nine months in prison for organizing and leading pyramid scheme activities, and imposing a fine of 500,000 yuan.