The prosecutor in Jilin filed a public prosecution in a virtual currency pyramid scheme, involving 40,000 people in the amount of 230 million yuan

The Procuratorate of Linjiang City, Jilin Province filed a public prosecution against the case of 17 persons including Hu Moumou organizing and leading MLM activities. The prosecutor stated that from September 2017 to November 2018, the MLM organization headed by Zhejiang-based man Hu Moumou established the “M-chain” network platform and issued the virtual digital currency “M-coin”, using the current social The incomprehension of technology and the ambiguity of the concept of counterfeit currency are tempted by “low investment and high return” to engage in illegal pyramid schemes. The organization publicizes and promotes externally through the Internet, WeChat group, etc., and falsely exaggerates the investment value of “Mcoin” to attract users, develop people in Zhejiang, Jilin, Jiangsu and other provinces to defraud money. As of the close of the case, there were nearly 40,000 registered members of the “M Chain” online platform, and the amount of MLM reached 230 million yuan. At present, the case has been filed with the Linjiang Municipal People’s Court, and the court is in the process of further trial.