A Chinese language courtroom has confirmed the sentencing of the masterminds behind the 7.7 billion yuan Chinese language Ponzi scheme Wotoken, which had over 715,000 traders.
Wotoken Scammers Sentenced to Jail
The Intermediate Folks’s Courtroom of Yancheng metropolis, Jiangsu province, denied an attraction by 4 convicts concerned within the billion-dollar Ponzi scheme Wotoken on Tuesday, a number of native media reported.
The courtroom upheld the unique sentences for Gao Yudong, Li Qibing, Wang Xiaoying, and Tian Bo who have been dissatisfied with their unique sentencing and filed an attraction. They consider that they had minor roles within the scheme. The 4 have been sentenced to jail for eight years and 6 months, seven years, seven years, and two years and 6 months respectively, IT Occasions reported. They have been additionally fined two million yuan, 1.5 million yuan, 1.5 million yuan, and a million yuan respectively.
As well as, two different defendants have been sentenced for his or her roles within the Wotoken rip-off. Li Guomin was sentenced to 3 years in jail and fined 100,000 yuan whereas Tang Xiaohua was sentenced to 6 months imprisonment with one-year probation, the publication added. In Might, 12 folks allegedly behind the Wotoken Ponzi scheme have been tried, together with the six defendants talked about above.
Chinese language legislation enforcement has seized 425 million yuan ($64 million) of unlawful proceeds from the Wotoken scheme, which have been turned over to the state treasury. The unlawful proceeds belonging to the 4 who appealed can even be recovered and turned over to the state treasury, the publication conveyed.
The scheme entails quite a lot of cryptocurrencies, collectively price about 7.7 billion yuan ($1.15 billion), in accordance with blockchain information. They included 46,050 BTC, 286 million USDT, 2 million ETH, 292,590 LTC, 56,900 BCH, and 6,841,797 EOS.
The Wotoken (WOR) platform attracted 715,249 registered customers between July 2018 and October 2019. The scheme has 501 MLM layers.
At the least one individual behind the Wotoken Ponzi scheme was additionally a key member of a bigger Chinese language Ponzi scheme referred to as Plustoken, in accordance with an investigative reporter. The Plustoken Ponzi swindled about $6 billion from greater than 715,000 traders. Chinese language police took down the scheme in July, arrested 109 people concerned, and charged six members with fraud.
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