📢📢News from the blockchain industry! The Supreme People's Court and the State Administration for Market Regulation jointly released 5 typical cases of online pyramid schemes, including cases of promising high returns under the guise of investing in "virtual currency". 🔍🔍

The defendant Chen and others used blockchain as a gimmick to set up the "Token" network platform to carry out pyramid schemes, requiring participants to pay virtual currency worth more than US$500 as a threshold fee to obtain value-added services. In order to evade the crackdown, Chen and others moved the platform's customer service team and coin transfer team abroad in January 2019, and continued to carry out pyramid schemes on the "Token" network platform. 🚀🚀

According to statistics, the "Token" network platform has more than 2.6 million registered member accounts, with 3,293 levels, and has collected more than 9 million virtual currencies such as Bitcoin, Tether, and EOS from members. 📊📊

The People's Court of Yancheng Economic and Technological Development Zone, Jiangsu Province sentenced Chen to 11 years in prison and a fine of RMB 6 million for organizing and leading pyramid schemes; the remaining defendants were sentenced to prison terms ranging from eight years and eight months to two years and fined. 🔨🔨

The People's Court imposed corresponding penalties based on the status and role of the organizers and leaders of cross-border network pyramid schemes in the entire criminal chain. At the same time, the Bitcoin and other virtual currencies involved in the case were confiscated in accordance with the law, cutting off the defendant's economic ability to commit cross-border crimes again, demonstrating the judicial organs' resolute attitude to defend the security of Internet finance and maintain the stable and healthy development of the financial market order. 💪💪

This is an important supervision of the blockchain industry and an important recognition of Bitcoin. Let us look forward to more positive news together! 🎉🎉