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HEFEI, May 17 (Xinhua) -- China's local
police have busted a massive digital currency pyramid scheme involving
around 2,000 people and over 200 million yuan (about 31.1 million U.S.
dollars). In January, the local
police in Anqing, east China's Anhui Province, received tips that since
2016 an investment platform had been conducting a pyramid scheme using
so-called digital currency as bait. Exploiting
popular fintech concepts, the platform tricked people into purchasing
the digital currency, whose database and market value were manipulated
by its organizer, with about 2,000 members recruited from 12 provinces
and cities, said the local police. So far eight main suspects in the case have been transferred to the judicial authority for prosecution. In
recent years, there has been a surge in similar cases under the guise
of blockchain and digital financing, with their tricks becoming more
sophisticated and the participants younger, according to the local
police. Zheng Wenbao, an official
with Anhui's market regulation authority, said that addressing the new
challenge requires coordinated efforts from cyberspace, public security,
finance and communications authorities to monitor and control the
illicit schemes, as well as publicity efforts to raise the public
awareness. Enditem
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