Fujian-based Group in China Organized Pyramid Scheme Using Cryptocurrency and NFTs; Court Rejects Appeal

A Fujian-based group in China organized a pyramid scheme under the guise of virtual currency and NFTs. The group raised over 20 million RMB from May to August 2023 and was sentenced to prison terms ranging from 6 years to 3 years, along with fines and confiscation of illegal gains. The court of second instance rejected their appeal and upheld the original verdict. The group used new concepts to conceal traditional MLM crimes and infringed on the public's property rights and interests, disrupting economic and social order.