In China, the organizers of the Bitcoin pyramid WoToken, which raised $ 1.1 billion, were sentenced.The court in China rejected the appeal of the organizers of the cryptocurrency pyramid and sentenced them to many years in prison, writes The Block, citing the decision.

In China, the organizers of the Bitcoin pyramid WoToken, which raised $ 1.1 billion, were sentenced

The court in China rejected the appeal of the organizers of the cryptocurrency pyramid and sentenced them to many years in prison, writes The Block with reference to the solution.

Yancheng Court, Jiangsu Province, ruled on October 27 against four detainees who were running the Ponzi scheme entitled WoToken. They will spend 2.5 to 8.8 years in prison. They also seized 425 million yuan ($ 60 million) received in the course of illegal activities. This money is subject to transfer to the state treasury..

As it turned out during the proceedings, Gao Yudong, Li Qibing, Wang Xiaoying and Tian Bo operated the WoToken platform with their own WOR token from August 2018 to October 2019. They attracted customers by offering fixed and floating income, which supposedly should be bring trading algorithms to use arbitrage opportunities on the world cryptocurrency exchanges. In reality, payments were made from funds of new investors..

According to court documents, as of October 8 2019 WoToken had 715,249 users in China. They were distributed over the 501 level of the pyramid. Data from blockchains also made it possible to establish that the attackers attracted cryptocurrency assets, including 46,050 BTC, 286 million USDT, 2 million ETH, 292,590 LTC and 6,841,797 EOS, with a total value of 7.7 billion yuan or $ 1.1 billion..

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