Express
Chinese Court Sentences Four Members Of $1.1 Billion Crypto Scam
Summary: A Chinese court in Yancheng has denied an appeal made by four convicts responsible for the $1.1 billion WoToken Ponzi scheme, according to a recent court ruling. The four conspirators will be sentenced for between 2.5 and 8.8 years, according to court documents. Chinese law enforcement also seized illegal proceeds worth $60 million which will ...
A Chinese court in Yancheng has denied an appeal made by four convicts responsible for the $1.1 billion WoToken Ponzi scheme, according to a recent court ruling.
The four conspirators will be sentenced for between 2.5 and 8.8 years, according to court documents. Chinese law enforcement also seized illegal proceeds worth $60 million which will be handed over to the state treasury.
The four men - Gao Yudong, Li Qibing, Wang Xiaoying and Tian Bo - operated WoToken trading platform from August 2018 to October 2019 and roped 715,249 Chinese users into the pyramid scheme. The men promised users would make vast returns on their investments through a fabricated trading algorithm. One member of the WoToken team is allegedly also involved in the infamous Plustoken scam.
By Emily Mason
Tags: Crypto Scam,PlusToken,WoToken
Link: Chinese Court Sentences Four Members Of $1.1 Billion Crypto Scam [Copy]
