The first "red notice" person was arrested by the police in Zhenjiang, Jiangsu Province. The suspect used virtual currency to engage in pyramid selling, involving a total amount of over 100 million yuan

Recently, the People's Court of Dantu District, Zhenjiang City, pronounced a verdict on Wang's case of organizing and leading pyramid schemes. So far, the case, which lasted for 3 years, has finally come to an end. Wang is the first "red notice" person sentenced by the Zhenjiang Public Security Bureau in Jiangsu Province. In March 2021, the Dantu Public Security Bureau of Zhenjiang found that a virtual currency platform called moom was suspected of online pyramid schemes. The virtual tokens issued by the platform were listed on various virtual currency exchanges through various means, and the tokens were advertised to the outside world as having broad prospects, constantly attracting members to buy, while the project party made high profits by selling the original tokens in the background. The token rose to as high as $10 per coin, and finally fell to a price that was almost zero. Up to the time of the incident, the platform had more than 100,000 registered members and 1,000 levels. The amount involved in the case exceeded 100 million yuan. In August 2021, the Zhenjiang Dantu police task force went to Beijing, Fujian, Guizhou, Anhui and other places to arrest suspects, and arrested 12 suspects including Chen, Wu, and Yang. All the suspects were later sentenced. In May 2023, Wang finally returned from abroad to surrender under the persuasion of the police, becoming the first "red notice" person in the history of Zhenjiang Public Security to surrender. In April 2024, Wang was formally sentenced.