$1.1 Billion Crypto Ponzi: Masterminds of Wotoken Head to Prison in China

$1.1 Billion Crypto Ponzi: Masterminds of Wotoken Head to Prison in China

THELOGICALINDIAN - A Chinese cloister has accepted the sentencing of the masterminds abaft the 77 billion yuan Chinese Ponzi arrangement Wotoken which had over 715000 investors

Wotoken Scammers Sentenced to Prison

The Intermediate People’s Court of Yancheng city, Jiangsu province, denied an address by four convicts complex in the billion-dollar Ponzi arrangement Wotoken on Tuesday, several bounded media reported.

The cloister upheld the aboriginal sentences for Gao Yudong, Li Qibing, Wang Xiaoying, and Tian Bo who were annoyed with their aboriginal sentencing and filed an appeal. They accept they had accessory roles in the scheme. The four were bedevilled to bastille for eight years and six months, seven years, seven years, and two years and six months respectively, IT Times reported. They were additionally fined two actor yuan, 1.5 actor yuan, 1.5 actor yuan, and one actor yuan respectively.

In addition, two added defendants were bedevilled for their roles in the Wotoken scam. Li Guomin was bedevilled to three years in bastille and fined 100,000 yuan while Tang Xiaohua was bedevilled to six months imprisonment with one-year probation, the advertisement added. In May, 12 bodies allegedly abaft the Wotoken Ponzi arrangement were tried, including the six defendants mentioned above.

Chinese law administration has bedeviled 425 actor yuan ($64 million) of actionable gain from the Wotoken scheme, which were angry over to the accompaniment treasury. The actionable gain acceptance to the four who appealed will additionally be recovered and angry over to the accompaniment treasury, the advertisement conveyed.

The arrangement involves a cardinal of cryptocurrencies, collectively account about 7.7 billion yuan ($1.15 billion), according to blockchain data. They included 46,050 BTC, 286 actor USDT, 2 actor ETH, 292,590 LTC, 56,900 BCH, and 6,841,797 EOS.

The Wotoken (WOR) belvedere admiring 715,249 registered users amid July 2023 and October 2023. The arrangement has 501 MLM layers.

At atomic one being abaft the Wotoken Ponzi arrangement was additionally a key affiliate of a beyond Chinese Ponzi arrangement alleged Plustoken, according to an analytic reporter. The Plustoken Ponzi swindled about $6 billion from added than 715,000 investors. Chinese badge took bottomward the arrangement in July, arrested 109 people involved, and charged six associates with fraud.

What do you anticipate about the Wotoken Ponzi scheme? Let us apperceive in the comments area below.

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