TechFlow News — The Intermediate People's Court of Yancheng City, Jiangsu Province has issued a second-instance criminal ruling in the major online pyramid scheme case involving WoToken, rejecting appeals filed by defendants dissatisfied with the first-instance verdict and upholding the original judgment. Accordingly, Gao Yudong was sentenced to eight years and six months in prison for organizing and leading a pyramid scheme, along with a fine of 2 million yuan; Li Qibing and Wang Xiaoying were each sentenced to seven years in prison and fined 1.5 million yuan.
Earlier reports indicated that in mid-May, the WoToken pyramid scheme case was publicly tried at the Binhai County People's Court in Yancheng, Jiangsu Province. In late August, the Binhai County People's Court released the criminal judgment document for this major online pyramid scheme case. After the first-instance ruling, Gao Yudong, Li Qibing, Wang Xiaoying, and Tian Moubo filed appeals.
According to appraisal results from a certified center, between July 2018 and October 8, 2019, the WoToken platform had registered 715,249 members across 501 hierarchical levels. During this period, it collected approximately 286 million Tether (USDT), 46,000 Bitcoin (BTC), 2.039 million Ethereum (ETH), 292,000 Litecoin (LTC), 56,000 Bitcoin Cash (BCH), and 6.841 million EOS tokens. Based on the market prices of these cryptocurrencies on the date of the incident, their total value amounted to over 7.769 billion yuan.
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