Supreme Law: "A Token" network platform collects more than 9 million virtual currencies such as Bitcoin, TEDA, and Yuzu coins paid by members

The Supreme People's Court and the State Administration for Market Regulation jointly issued 5 typical cases of punishing online pyramid schemes crimes according to law. Some promised high returns under the guise of investing in "virtual currency". Defendant Chen and others used blockchain as a gimmick to plan the establishment of a "certain Token" network platform. After registering more than 2.60 million member accounts through the statistical platform, the level reached 3,293 layers, and a total of more than 9 million virtual currencies such as Bitcoin, TEDA, and Yuzu were collected from members. The people's court sentenced the corresponding punishment according to the status and role of the organizers and leaders of cross-border online pyramid schemes in the entire criminal chain, and confiscated the virtual currencies such as Bitcoin in accordance with the law. The relevant person in charge of the Supreme People's Court said that in the next step, the people's court will work with the market supervision and management department and other units to strictly punish the illegal and criminal activities of online pyramid selling in accordance with the law.