⛓ Chinese scam coin pyramid scheme swindles over $25 million out of 18,000 victims
A pyramid scheme scam project called "Zhaoyun gold" under the camouflage of cryptocurrency was busted in China. The project swindled over 170 million yuan ($25 million) out of 18,000 victims. The strategy of "Zhaoyun gold" is to lure members in, promise high returns for enrolling others into the scheme, and manipulate the coin price. Police in the Hunan province has arrested eight suspects after the scheme amassed over 18,000 members from more than 400 marketing levels.
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