Virtual currency pyramid scheme busted in east China

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Xinhua News

22nd November 2021 – (Nanjing) Police in China have busted a virtual currency-themed online pyramid scheme involving some 110,000 people and 1 billion yuan (about 156.4 million U.S. dollars).

In April, police in Suining, east China’s Jiangsu Province, received a tip-off from a person who claimed to be trapped in the pyramid scheme operated by an investment platform called BBGO.

Investigation revealed that BBGO forged and spread information about non-existent plants and machines dedicated to virtual currency mining, coaxing over 110,000 investors into joining its pyramid scheme since 2019, using so-called high profits and rebates as bait, police said.

Five main suspects in the case have been arrested as the trial is under way. 

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