Supreme Court: "A Token" network platform collected more than 9 million virtual currencies such as Bitcoin, Tether, and EOS from members

The Supreme People's Court and the State Administration for Market Regulation jointly issued five typical cases of punishing pyramid schemes on the Internet in accordance with the law. Some of them falsely promised high returns by investing in "virtual currencies". The defendants, including Chen, used blockchain as a gimmick to plan the establishment of the "Token" network platform. According to statistics, the platform has registered more than 2.6 million member accounts, with a hierarchy of 3,293 levels, and collected more than 9 million virtual currencies such as Bitcoin, Tether, and EOS. The people's court sentenced the organizers and leaders of cross-border network pyramid schemes according to their positions and roles in the entire criminal chain, and confiscated virtual currencies such as Bitcoin involved in the case in accordance with the law. Relevant officials of the Supreme People's Court stated that in the next step, the people's court will work with market supervision departments and other units to strictly punish illegal pyramid schemes on the Internet in accordance with the law.