China Cracks Down on Crypto Pyramid Scheme, Victims Reimbursed

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Chinese authorities have convicted three ringleaders of a crypto pyramid scheme that defrauded over 10,000 people.

On September 18, the Zhongxiang City Procuratorate of Hubei Province confiscated over 22.59 million yuan (roughly $32 million) in illegal profits, and each leader received a three-year prison sentence, suspended for five years, and was fined 350,000 yuan each.[…]

The post China Cracks Down on Crypto Pyramid Scheme, Victims Reimbursed appeared first on Coin Edition.

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Author / Journalist: Coin Edition

Category: Crypto

Markets: IndiaChinaMalaysiaThailand

Topics: Market News Crypto Scam Cryptocurrency Market News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-19 @ 16:10:00 (1 weeks ago)

News Timezone: GMT +0:00

News Source URL: coinedition.com

Language: English

Article Length: 148 words

Reading Time: 1 minutes read

Sentences: 48 lines

Sentence Length: 4 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coinedition

News ID: 22601158

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