#Suqian Cracks Down on Virtual Currency MLM Case#
Hot Topic Overview
Overview
The Suqian Court recently disclosed a case of online pyramid scheme that used investment in virtual currency financial management projects as a guise. The criminal suspects created the "ACORNS" online platform, issued virtual currencies such as "ACO", and promoted that it could participate in financial management and obtain high returns. They required members to pay 100 USDT for financial management. By the time of the case, the platform had over 3,000 active members, with a total of 33 levels, and had absorbed nearly 3.16 million USDT. The court ultimately sentenced the defendants to prison terms ranging from five years and three months to three years for the crime of organizing and leading pyramid scheme activities, and fined them ranging from 170,000 yuan to 100,000 yuan.
Ace Hot Topic Analysis
Analysis
The Suqian Court recently disclosed a case of online pyramid schemes disguised as investment in virtual currency wealth management projects. The criminal suspects created the "ACORNS" online platform, issuing virtual currencies such as "ACO" and promoting them as a way to participate in wealth management and receive high returns. They lured members to invest 100 USDT in wealth management and obtain static income. The platform attracted over 3,000 people and raised nearly 3.16 million USDT. The pyramid scheme consisted of 33 layers. Finally, the Sucheng Court sentenced the defendants to imprisonment ranging from five years and three months to three years for organizing and leading pyramid schemes, and fined them between 170,000 yuan and 100,000 yuan. This case serves as a reminder to be cautious when investing in virtual currency wealth management projects and not to blindly trust promises of high returns, lest they fall into pyramid schemes.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Virtual currency wealth management projects may become tools for online pyramid schemes
High-yield return promotion is a bait to attract investors to join pyramid schemes
Pyramid schemes attract members to develop downlines through hierarchical systems and static returns
Courts severely crack down on the organization and leadership of pyramid scheme activities