Chinese language authorities in Rong County just lately mentioned they’ve prosecuted eight people accused of being the masterminds behind the Magic Knowledge Chain (MDC) pyramid scheme. The pyramid is assumed to have dealt with transactions with a complete worth of over $147 million.
Digital Foreign money Pyramid Scheme
Authorities in China’s Rong County, Zigong Metropolis, just lately prosecuted eight folks accused of orchestrating the MDC digital forex pyramid scheme, a neighborhood report has mentioned. Based on the report, the prosecution of the case was dealt with by the Rong County Folks’s Procuratorate, and was solely carried out some ten months after the arrest of MDC’s 12 core members.
Based on a report from the Sichuan Provincial Public Safety Division, the MDC pyramid scheme was initially cracked in Could 2021. Subsequent investigations by authorities in Rong County then decided that the scheme had been in existence since July 2019.
MDC’s 2 Million Registered Members
Within the report, authorities mentioned the criminals — who had been led by a person known as Yang — had “constructed a blockchain web site of ‘Magic Knowledge chain’ and a digital forex buying and selling web site of ‘XIN Change.’” Based on the report, the MDC digital forex platform had dealt with transactions with a complete worth of over $147 million (1 billion yuan).
As well as, the scheme had 2 million registered members and a few 200,000 individuals in 30 provinces throughout China. When authorities in Rong County lastly raided MDC in 2021, the belongings “seized and frozen” had been value simply over $4.4 million, the report mentioned.
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