Beijing Police Crack Down On Cryptocurrency Pyramid Scheme

According to Odaily, Beijing's Fengtai police recently solved a case involving an organized pyramid scheme. The complainant turned out to be the suspect in the case. The individual, identified as Xie, was looking for quick money-making opportunities while idle at home. Through a friend's introduction, Xie joined an organization called 'Hua' and began investing in cryptocurrency. After making a small profit from initial investments, Xie invested 2 million yuan from her family savings but failed to receive any returns. Trapped in the scheme, Xie started recruiting more people as per the organization's requirements, earning commissions and dynamic dividends, making her a key member of the pyramid scheme in Beijing. She developed a downline of nine levels, involving over 300 people. However, as the investment platform collapsed, Xie faced debts from her downline investors and chose to report to the police. The case serves as a stark reminder of the risks associated with cryptocurrency investments and the importance of due diligence before investing large sums of money.