#Suqian Court Busts Virtual Currency MLM Case#

Suqian Court recently cracked down on a network pyramid scheme case disguised as an investment in virtual currency wealth management projects. The criminal suspects in this case created a network platform called “ACORNS” and issued virtual currencies such as “ACO” without any actual business operations. They advertised that these virtual currencies could participate in wealth management and generate high returns, which they used as bait to induce members to pay 100 USDT for wealth management in order to obtain static income. As of the time of the incident, the platform had over 3,000 active members, 33 layers in total, and had accumulated nearly 3.16 million USDT. After trial, Sucheng Court ruled that the behavior constituted the crime of organizing and leading pyramid scheme activities and sentenced the defendants in this case to imprisonment ranging from five years and three months to three years, with fines ranging from 170,000 yuan to 100,000 yuan. This case once again reminds people that they need to be cautious when investing in virtual currency wealth management projects, be wary of the temptation of high returns, and avoid falling into pyramid schemes.