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Chinese Court Convicts WoToken Ponzi Scheme Masterminds

Chinese Court Convicts WoToken Ponzi Scheme Masterminds

The Chinese court has finally recently sentenced the $1-billion WoToken Ponzi scheme perpetrators to at least a year of imprisonment.

The intermediary court in Yancheng City of China Jiangsu province has sentenced the Ponzi scheme masterminds in prison. In a published report, the Chinese court denied the WoToken scam leaders’ appeal. Hence, the court sentenced the criminals to a minimum of two years and six months in jail.

The Chinese court also fined Gao Yudong, Li Qibing, Wang Xiaoying, and Tian Bo with a minimum of 1 million yuan. Meanwhile, the Chinese court arrested two other members of the said crypto scam. The suspects are Li Guomi, who is sentenced to jail for three years with a fine of 100,000 yuan, and Tang Xiaohua, who will serve six months in prison. The Chinese government will turn over all the collected WoToken Ponzi scheme proceeds and profit to the state treasury.

Additionally, the WoToken scam has collected an estimated amount of 7.7 billion yuan in cryptocurrencies. These include 46,050 BTC, 286 million USDT, 2 million ETH, 292,590 LTC, 56,900 BCH, and 6,841,797 EOS. It also lured 715,249 users in its platform which has 501 multi-level-marketing (MLM) layers.

Moreover, the WoToken Ponzi scheme is only one of the many schemes that have been busted by China’s local authorities. In a separate report, the PlusToken Ponzi scheme platform and its leaders were also taken down by China.

Read Also: British Granny Loses $84,000 to Two Crypto Scam Attempts

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.