Guangxi Public Security has cracked a virtual currency pyramid scheme case, with the amount involved exceeding 300 million yuan

ChainCatcher news, according to the Legal Daily, the Public Security Bureau of Hechi City, Guangxi, has cracked a pyramid scheme case involving a live-streaming e-commerce APP related to virtual currency. The suspects used an APP called "Dimension" to create groups and conduct live-streaming sales, establishing a pyramid scheme model that involved recruiting new members and offering online registration rebates. They promoted virtual services through the app's in-app purchase function and distributed rewards called "Dimension Coins" set by the platform. Meanwhile, they continuously touted electronic commerce, virtual currency, and national-level projects in their promotions to cover up the essence of profiting through recruiting downlines.

It is reported that in mid-November 2023, after meticulous police deployment, this new type of online pyramid scheme case involving over 300 million yuan and up to 3.5 million members was successfully cracked. As of last month, 13 suspects have been arrested, including 7 detained, 5 released on bail, and 1 transferred for handling. The case is currently in the process of further improving relevant evidence materials and undergoing trial transfer.