The Suqian Court disclosed an online pyramid scheme involving investment in a virtual currency financial management project, involving nearly 3.16 million USDT.

PANews reported on January 17 that according to the official account of Suqian Court, the court disclosed an online pyramid scheme case in the name of investing in virtual currency financial management projects. The suspect created the "ACORNS" online platform and issued "ACORNS" without actual business projects. ACO" and other virtual currencies are used as bait to promote that the virtual currency can participate in financial management and obtain high returns, and members are required to pay 100 USDT coins for financial management as a threshold to obtain static income. As of the incident, the platform had more than 3,000 active recharge members and had attracted a total of nearly 3.16 million USDT.

After trial, the Sucheng Court sentenced the defendant in this case to a prison term ranging from five years and three months to three years for organizing and leading pyramid schemes, and fined him a fine ranging from 170,000 yuan to 100,000 yuan.