The Xinyi City Procuratorate has filed a legal prosecution against the case of “Ubank” virtual currency fund tray involving pyramid selling transactions exceeding 10 billion yuan
According to reports, the Xinyi City Procuratorate of Jiangsu Province has filed a legal prosecution against the case of “Ubank” virtual currency fund trading platform, which is fully known as the “Ubank” virtual currency trading platform, on suspicion of organizing and leading pyramid selling activities. During the handling of the case, it was found that the platform team registered more than 100000 users, involving more than 10 billion yuan in pyramid selling transactions. The court handed down a guilty verdict in the first instance, and 33 defendants were each sentenced to fixed-term imprisonment ranging from two to six years. Due to the defendant’s appeal, the case is currently being tried in the second instance. (Issued by Xuzhou Procurator)
Interpretation of this information:
The Xinyi City Procuratorate in Jiangsu Province has taken legal action against the Ubank virtual currency trading platform on suspicion of leading and organizing pyramid selling activities. The platform team registered over 100000 users and involved more than 10 billion yuan in transactions related to pyramid selling. The court convicted the 33 defendants in the first instance and handed them fixed-term imprisonment sentences ranging from two to six years. However, the defendants have filed an appeal, and the case is currently being tried in the second instance.
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