According to ChainCatcher news, the Jingde County People's Court recently concluded a case involving the organization and leadership of pyramid selling activities related to virtual currency.
It is reported that Xu (handled in another case) is preparing to develop the 'Moebius' project, which involves the issuance and promotion of MBUS (Moebius) virtual currency, cards, etc. Several people, under the pretext of investing in virtual currencies and derivative projects, demanded participants purchase and hold MBUS coins, NFT cards, and MSS coins. They actively developed downline personnel using a 'referral' method and organized hierarchies in a certain order, directly or indirectly using the number of developed personnel, the amount and quantity of purchased virtual coins and cards as a basis for compensation or rebates, defrauding participants of a total of over 964,300 USDT (1 USDT is approximately equal to 1 USD, equivalent to about 6.39 million RMB).
After the incident, the wallet addresses of MBUS coin holders were recorded as 29,280, with a total recommendation hierarchy of 48 levels. The involved persons Li, Xiang, Huang, and four others were sentenced to varying terms of two to three years in prison, with probation and fines.