Chinese Authorities Prosecute Alleged Masterminds Behind MDC Pyramid Scheme – Regulation Bitcoin News

Chinese language authorities in Rong County lately mentioned they’ve prosecuted eight people accused of being the masterminds behind the Magic Information Chain (MDC) pyramid scheme. The pyramid is assumed to have dealt with transactions with a complete worth of over $147 million.

Digital Forex Pyramid Scheme

Authorities in China’s Rong County, Zigong Metropolis, lately prosecuted eight individuals accused of orchestrating the MDC digital foreign money pyramid scheme, an area report has mentioned. In response to the report, the prosecution of the case was dealt with by the Rong County Folks’s Procuratorate, and was solely carried out some ten months after the arrest of MDC’s 12 core members.

In response to a report from the Sichuan Provincial Public Safety Division, the MDC pyramid scheme was initially cracked in Might 2021. Subsequent investigations by authorities in Rong County then decided that the scheme had been in existence since July 2019.

MDC’s 2 Million Registered Members

Within the report, authorities mentioned the criminals — who have been led by a person known as Yang — had “constructed a blockchain web site of ‘Magic Information chain’ and a digital foreign money buying and selling web site of ‘XIN Change.’” In response to the report, the MDC digital foreign money platform had dealt with transactions with a complete worth of over $147 million (1 billion yuan).

As well as, the scheme had 2 million registered members and a few 200,000 members in 30 provinces throughout China. When authorities in Rong County lastly raided MDC in 2021, the belongings “seized and frozen” have been value simply over $4.4 million, the report mentioned.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

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