According to ChainCatcher, the People's Court of Xingyi City, Guizhou Province, publicly tried a case of organizing and leading pyramid schemes. The defendant Qin used the guise of virtual currency "mining" to induce more than 70 people to participate in pyramid schemes, involving more than 10 million yuan.
It is reported that the company launched a short-term rental computing power hosting business, claiming to rent "computing power" to customers and using high investment returns as bait to lure participants to continue to develop relatives and friends to invest. Based on the facts and sentencing circumstances found during the trial, the court sentenced the defendant Qin to 2 years and 6 months in prison for organizing and leading pyramid schemes.