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

A Chinese court has confirmed the sentencing of the masterminds dreary the 7.7 billion yuan Chinese Ponzi intention Wotoken, which had over 715,000 investors.


Wotoken Scammers Sentenced to Detention heart

The Intermediate Folk’s Court docket of Yancheng city, Jiangsu province, denied an attraction by four convicts involved with the billion-greenback Ponzi intention Wotoken on Tuesday, several local media reported.

The court upheld the new sentences for Gao Yudong, Li Qibing, Wang Xiaoying and Tian Bo who possess been dissatisfied with their fashioned sentencing and filed an attraction. They factor in they’d minor roles within the intention. The four possess been sentenced to detention heart for 8 years and six months, seven years, seven years, and two years and six months respectively, IT Occasions reported. They possess been also fined 2 million yuan, 1.5 million yuan, 1.5 million yuan, and 1 million yuan respectively.

To boot, two diversified defendants possess been sentenced for their roles within the Wotoken rip-off. Li Guomin became as soon as sentenced to some years in detention heart and fined 100,000 yuan while Tang Xiaohua became as soon as sentenced to 6 months imprisonment with one-twelve months probation, the e-newsletter added. In May per chance even, 12 of us allegedly dreary the Wotoken Ponzi intention possess been tried, including the six defendants mentioned above.

Chinese legislation enforcement has seized 425 million yuan ($64 million) of unlawful proceeds from the Wotoken intention, which possess been grew to develop to be over to the declare treasury. The unlawful proceeds belonging to the four who appealed may per chance per chance also be recovered and grew to develop to be over to the declare treasury, the e-newsletter conveyed.

The intention involves different cryptocurrencies, collectively worth about 7.7 billion yuan ($1.15 billion), in accordance with blockchain info. They integrated 46,050 BTC, 286 million USDT, 2 million ETH, 292,590 LTC, 56,900 BCH, and 6,841,797 EOS.

The Wotoken (WOR) platform attracted 715,249 registered users between July 2018 and October 2019. The intention has 501 MLM layers.

No longer much less than one particular person dreary the Wotoken Ponzi intention became as soon as also a key member of a bigger Chinese Ponzi intention known as Plustoken, in accordance with an investigative reporter. The Plustoken Ponzi swindled about $6 billion from bigger than 715,000 investors. Chinese police took down the intention in July, arrested 109 of us involved, and charged six participants with fraud.

What cease you concentrate on about the Wotoken Ponzi intention? Enable us to know within the comments part beneath.

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