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MDC Pyramid Scheme masterminds being prosecuted in China
Chinese authorities in Rong County recently also prosecuted eight people accused of being the masterminds behind the Magic knowledge Chain (MDC) pyramid scheme. The pyramid is believed to own handled transactions with a full price of over $147 million. A neighborhood report has said that authorities in China’s Rong County, Zigong City, recently prosecuted eight folks accused of orchestrating the MDC virtual currency pyramid scheme.
MDC pyramid scheme was initially cracked last year
Per the report, the case’s prosecution was handled by the Rong County People’s Procuratorate and was only meted out some ten months after MDC’s twelve core members were arrested. Per a report from the Sichuan Provincial security Department, the MDC strategy was at the start cracked in May 2021. Resisting investigations by Rong County authorities then determined that the scheme had been alive since July 2019.
2 million individuals registered on the platform
Within the report, authorities said the criminals who were junction rectifiers by a private referred to as a rule had engineered a blockchain website of ‘Magic knowledge chain’ and a virtual currency commercialism website of XIN Exchange. Per the report, the MDC virtual currency platform had handled transactions with a total price of over $147 million (1 billion yuan).
In addition, the theme had two million registered members and a few 200,000 participants in thirty provinces across China. Once authorities in Rong County finally raided MDC in 2021, the assets appropriated and frozen were worth simply over $4.4 million, the report said.
