Criminals fabricated Google's "Google Coin" blockchain project and illegally made more than 20 million yuan in profits
as reported by CCTV News, from January to September 2024, the national procuratorial organs prosecuted 4,627 people for organizing and leading pyramid schemes. Criminals use the virtuality and convenience of the Internet to create a variety of difficult-to-distinguish "get-rich-quick scams" and lure the masses to participate. Some use new concepts and social hotspots such as virtual currencies, blockchain, financial innovation, and charity mutual aid to carry out online pyramid schemes. For example, Sheng and others organized and led pyramid scheme activities. Sheng and others fabricated the Google Coin blockchain project, publicly promoted and hyped it through online media, publicly released subscriptions to purchase "Google Coins," using ETH (Ether) as the settlement currency, and developed more than 60,000 members, illegally profiting more than 20 million yuan.
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