2 years ago
Chinese authorities successful Rong County precocious said they person prosecuted 8 individuals accused of being the masterminds down the Magic Data Chain (MDC) pyramid scheme. The pyramid is thought to person handled transactions with a full worth of implicit $147 million.
Virtual Currency Pyramid Scheme
Authorities successful China’s Rong County, Zigong City, precocious prosecuted 8 radical accused of orchestrating the MDC virtual currency pyramid scheme, a section study has said. According to the report, the prosecution of the lawsuit was handled by the Rong County People’s Procuratorate, and was lone carried retired immoderate 10 months aft the apprehension of MDC’s 12 halfway members.
According to a report from the Sichuan Provincial Public Security Department, the MDC pyramid strategy was initially cracked successful May 2021. Subsequent investigations by authorities successful Rong County past determined that the strategy had been successful beingness since July 2019.
MDC’s 2 Million Registered Members
In the report, authorities said the criminals — who were led by an idiosyncratic called Yang — had “built a blockchain website of ‘Magic Data chain’ and a virtual currency trading website of ‘XIN Exchange.'” According to the report, the MDC virtual currency level had handled transactions with a full worth of implicit $147 cardinal (1 cardinal yuan).
In addition, the strategy had 2 cardinal registered members and immoderate 200,000 participants successful 30 provinces crossed China. When authorities successful Rong County yet raided MDC successful 2021, the assets “seized and frozen” were worthy conscionable implicit $4.4 million, the study said.
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Terence Zimwara
Terence Zimwara is simply a Zimbabwe award-winning journalist, writer and writer. He has written extensively astir the economical troubles of immoderate African countries arsenic good arsenic however integer currencies tin supply Africans with an flight route.
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