Shidian County Procuratorate filed a public prosecution against a virtual currency pyramid scheme involving more than 210 million yuan

it was disclosed on the public account of the People's Procuratorate of Yunnan Province that recently, the case of Li Moumou and 10 other people organizing and leading pyramid schemes, which was prosecuted by the Shidian County Procuratorate, was tried by the court. Li Moumou and the other 10 defendants were sentenced to imprisonment ranging from six years to two years for the crime of organizing and leading pyramid schemes, and were fined between RMB 500,000 and RMB 1 million. It is reported that Li Moumou successively gathered Huang Mou, Jin Moumou and others to use "blockchain" and "virtual currency" as gimmicks, and to buy and hold virtual digital currency A and issue virtual digital currency B and C as reasons, set up five fund pools on the network platform, and deceived the masses to obtain membership qualifications through methods such as buying, destroying, and adding funds to the pools, forming five rebate levels. It was identified that Li Moumou and others accumulated more than RMB 210 million in pyramid scheme funds collected through the network platform.