TechFlow news, on December 14, according to the official WeChat account of Jingde County People's Court, Jingde court recently concluded a case involving organizing and leading pyramid scheme activities related to cryptocurrency. It was reported that Xu (handled in a separate case) planned to develop the "Mobius" project, namely issuing and promoting MBUS (Mobius) cryptocurrency, trading cards, and other items. Several individuals used investment in cryptocurrencies and derivative projects as an excuse to require participants to purchase and hold MBUS coins, NFT cards, and MSS coins. They actively expanded their network through a "referral-based" model, establishing hierarchical structures and using the number of recruited members, amounts spent on purchasing cryptocurrencies or cards, and quantities acquired as direct or indirect bases for commissions or rebates, defrauding participants of over 964,300 USDT (approximately equivalent to USD 1 per USDT, totaling about RMB 6.39 million).
After the incident, forensic analysis confirmed 29,280 wallet addresses holding MBUS coins, with a total referral hierarchy reaching 48 levels. Defendants Li, Xiang, Huang, and five others were sentenced to fixed-term imprisonment ranging from two to three years, granted suspended sentences, and fined.
