Chinese authorities in Rong County recently reported they have prosecuted 8 individuals accused of currently being the masterminds at the rear of the Magic Data Chain (MDC) pyramid scheme. The pyramid is imagined to have handled transactions with a whole worth of above $147 million.
Digital Forex Pyramid Plan
Authorities in China’s Rong County, Zigong Metropolis, lately prosecuted eight folks accused of orchestrating the MDC digital currency pyramid plan, a neighborhood report has mentioned. According to the report, the prosecution of the scenario was taken care of by the Rong County People’s Procuratorate, and was only carried out some ten months after the arrest of MDC’s 12 main members.
According to a report from the Sichuan Provincial Public Security Office, the MDC pyramid scheme was in the beginning cracked in May 2021. Subsequent investigations by authorities in Rong County then decided that the plan experienced been in existence because July 2019.
MDC’s 2 Million Registered Associates
In the report, authorities reported the criminals — who have been led by an unique identified as Yang — had “built a blockchain site of ‘Magic Facts chain’ and a digital currency trading web page of ‘XIN Exchange.’” According to the report, the MDC digital currency system had managed transactions with a overall value of about $147 million (1 billion yuan).
In addition, the scheme experienced 2 million registered users and some 200,000 individuals in 30 provinces throughout China. When authorities in Rong County at last raided MDC in 2021, the assets “seized and frozen” were worth just about $4.4 million, the report explained.
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Terence Zimwara
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