Authorities dismantled a multi-level membership organization involving thousands, underscoring China’s crackdown on illicit crypto activities and fraudulent investment schemes.
China’s Ministry of Public Security announced the dismantling of a large-scale virtual currency pyramid scheme in Guizhou, arresting 15 suspects. The operation involved a multi-level membership network with thousands of participants, meeting the legal definition of a pyramid scheme, where earlier profits depended on new member payments. The bust reflects ongoing enforcement against illicit cryptocurrency activities.