ChainCatcher reported that according to the public account "Xuzhou Procuratorate Release", the Xinyi City Procuratorate of Jiangsu Province filed a public prosecution against the "Ubank" virtual currency fund case for suspected crimes of organizing and leading pyramid selling activities. The court made a guilty verdict at the first instance, and the 33 defendants in the case were sentenced to fixed-term imprisonment ranging from two to six years. At the same time, the Xinyi City Procuratorate carried out the work of recovering stolen money and recovering losses, and promptly seized the funds that the defendants had benefited from their investments and the funds that "Ubank" had transferred in the name of investment, recovering a total of 80 million yuan.

The full name of "U Coin" is "Ubank", a virtual currency trading platform. From November 2018 to May 2021, it sold virtual currency "Ubank" in the name of "mining", and adopted the method of recruiting people to absorb pyramid scheme funds and trade them on the digital wallet exchange it built. During the investigation, it was found that the platform team had more than 100,000 registered users, and the pyramid scheme transaction volume involved exceeded 10 billion yuan. (Source link)