Chinese Court Sentences Perpetrator of ¥120 Million Cryptocurrency Ponzi Scheme to 5 Years and 9 Months in Prison

According to the Chinese Prosecutors’ Daily, the Hubei Province’s Xichuan District prosecutors recently initiated an investigation into a ¥120 million cryptocurrency Ponzi scheme. The local court has sentenced the suspect, Mr. Wang, to 5 years and 9 months in prison, along with a fine of ¥500,000. Wang had created the ‘Hongnu Decentralized Exchange’ website and issued NB Coin.