Jiangsu Zhenjiang public security first case of "Hongtong" personnel arrested, the suspect used virtual currency pyramid scheme involving more than 100 million yuan

Recently, the People's Court of Dantu District of Zhenjiang City sentenced Wang to organizing and leading a pyramid scheme. At this point, the three-year-old case has finally come to an end. Wang was the first "red pass" person sentenced by Jiangsu Zhenjiang Public Security Bureau. In March 2021, Zhenjiang Dantu Public Security Bureau discovered that a virtual currency platform called moom was suspected of online pyramid schemes. The virtual tokens issued by the platform were listed on various virtual currency exchanges in various ways. It promoted the broad prospects of the token to the outside world and continuously attracted members to buy it. The project party made high profits by selling the original tokens in the background. The tokens rose to a maximum of $10 each, and finally fell to a price near zero. So far, the platform has accumulated more than 100,000 registered members, and the level has reached 1000 layers. The amount involved exceeds 100 million yuan.
In August 2021, the Zhenjiang Dantu police task force went to Beijing, Fujian, Guizhou, Anhui and other places to arrest the suspects, and arrested a total of 12 suspects such as Chen, Wu, and Yang. Later, the suspects involved in the case were sentenced to criminal law. In May 2023, Wang finally surrendered from abroad under the persuasion of the police, becoming the first "red pass" person in the history of Zhenjiang public security to return to China and surrender. In April 2024, Wang was officially sentenced.