Guangxi Hezhou "U Bao Coin" Super Large Virtual Currency MLM Case Was Sentencing, The Funds Involved As High As 1.17 Billion Yuan

According to the China News Network Guangxi news, on December 24, the Zhongshan County People's Court in Hezhou City, Guangxi, opened a court and sentenced the "U Baobi" extra large virtual currency MLM case. The court hearing found that in January 2018, Wang Yifan, Teng Xiao, and others used Liu Kai and Teng Xiao to create the "U Bao" platform, relying on the company's 10,000 companies to conduct corporative operations and issue virtual currency U Bao coins. In the name of selling "U treasure coins", organize and lead participants to purchase qualifications by purchasing "U treasure coins", form a hierarchy according to a certain order, and directly or indirectly use the number of developers as the basis for remuneration or rebate. Participants continued to develop others to participate and cheat their property. It was identified that by the time of the case, the members involved in the purchase of U treasure coins and other funds amounted to more than 1.17 billion yuan. The public security organs seized and frozen 15 companies' accounts and 188 personal accounts, and the amount involved in seizures and freezes amounted to more than 200 million yuan. The trial results showed that the principal Wang Yifan was sentenced to seven years in prison by the Zhongshan Court for a crime of organizing and leading a pyramid scheme, and was fined 20 million yuan.