Involved over 1.5 million yuan! Using virtual currency for pyramid schemes

BlockBeats news, according to reports from the web3 radar public account, around October 2021, the defendants Xie XX, Ye A, and Ye B decided to jointly operate the 'Kyle Wallet' virtual currency investment platform after discussions. The three actively promoted investment in 'Kyle Wallet' through on-site lectures, forming WeChat groups, and field investigations, claiming that there would be daily returns the day after investment, promising to buy back 'Kyle Coins', and enticing participants to develop more people in order to obtain greater profits, which led to the enticement of over 50 individuals of unspecified identity to pay into the pyramid scheme on that platform, with a total amount of over 1.5 million yuan.

In May 2022, the 'Kyle Wallet' APP was closed and could no longer be traded. On February 3, 2023, the Anyuan County People's Procuratorate filed a public prosecution against defendants Xie XX, Ye A, and Ye B for organizing and leading pyramid scheme activities.

Currently, the court has sentenced Ye A to one year and six months in prison and fined 50,000 yuan; Ye B to one year and four months in prison and fined 40,000 yuan; Xie XX to one year and two months in prison and fined 40,000 yuan. #内容挖矿 $XRP Follow me! Get more exciting content.