Criminals fabricated Google's "Google Coin" blockchain project and illegally made more than 20 million yuan in profits

The prosecution found that in recent years, as the efforts to punish pyramid schemes in accordance with the law have been increasing, some criminals have moved pyramid schemes from offline to online in order to evade regulatory crackdowns. From January to September 2024, the national procuratorate prosecuted 4,627 people for organizing and leading pyramid schemes. Criminals took advantage of the virtuality and convenience of the Internet to fabricate a variety of "get-rich scams" that were difficult to distinguish between true and false, and lured the masses to participate. Some used new concepts and social hot spots such as virtual currency, blockchain, financial innovation, and charity to carry out online pyramid schemes. For example, Sheng and others organized and led pyramid schemes. Sheng and others fabricated Google's "Google Coin" blockchain project, publicly promoted and hyped it through online media, and announced the subscription to purchase "Google Coin" to the outside world, using ETH (Ethereum) as the settlement currency. A total of more than 60,000 members were developed, and illegal profits of more than 20 million yuan were made. The procuratorate reminds the general public to be vigilant, not to believe in "big cakes" or be greedy for "small profits", and to consciously resist the temptation of "high returns" that seem to be within reach, and avoid falling into the "trap" of online pyramid schemes. (CCTV News)