Sichuan police busted a criminal gang that used to speculate on "air coins", involving more than 200 million yuan in funds

The Yuechi County Public Security Bureau in Sichuan Province successfully dismantled a pyramid scheme criminal gang that used virtual digital currency value-added services as a cover to speculate on "air coins". They arrested 11 key members of the gang, froze more than 12 million yuan in funds, and recovered more than 8 million yuan in stolen money. More than 10,000 people nationwide participated in the scheme, with a total fund size of more than 200 million yuan.

On December 14, 2023, the Yuechi County Public Security Bureau received a report from the public, stating that they were recommended by netizens to buy "Amazon coins" which can make a steady profit without loss, and can be withdrawn at any time. The money deposited on the platform can also be used for mining operations through computing power to continue to earn "Amazon coins" and generate profits continuously. In addition, they could also invite others to buy "Amazon coins" to improve their level and computing power, and receive commissions and cashback.

In order to win the trust of the masses, the "Amazon coin" pyramid scheme gang used the "robbing Peter to pay Paul" method to redeem member rights, that is, using the "investment funds" of later members to refund the earlier refunded members. "Amazon coins" are just a cover, and their purpose is to "raise money". The member funds raised have no actual investment projects and will not generate any profits. With the efforts of the police, this pyramid scheme criminal gang that used the speculation of "air coins" as a cover was successfully dismantled. They arrested 11 key members of the gang, seized 1 vehicle, 10 laptops, and 31 mobile phones used in the crime, froze more than 12 million yuan in funds, and recovered more than 8 million yuan in stolen money. (China Chang'an Net)