Shanghai Crypto Pyramid Scheme

Shanghai Crypto Pyramid Scheme With Over 60,000 Victims Busted

By Adrian Klent – March 16, 2022

Key Takeaways

  • Law enforcement agencies in Shanghai have infiltrated a crypto pyramid scheme.
  • The scheme involved over 60,000 victims and 100 million yuan.
  • Chinese authorities have been increasing their oversight of the illegal industry.

Despite ousting the crypto industry from its borders, China has continued to uncover criminal operations related to crypto. A joint law enforcement operation in Shanghai has led to the crackdown of the city’s first crypto pyramid-scheme case.

10 arrested in connection with 100 million yuan crypto scam

The local news outlet, The Paper, reports that the bust was the result of more than six months of investigations carried out by the Economic Investigation Team of the Shanghai Public Security Bureau, together with the Yungpu Public Security Branch.

So far, about 10 persons have been arrested in connection with the dubious scheme which was set up in June 2020. Authorities also claim more than 100 million yuan is involved.

The scammers marketed the scheme to be a “unicorn in the global application field” and “the world’s fastest public chain”, the authorities stated. However, investigations revealed that the elaborately set up company was only running multi-level marketing (MLM) scam, promising participants massive returns for signing up, buying tokens, and referring new participants.

No blockchain or token existed as the scheme was only run through a server, rewarding old signups with funds and new sign-ups.

This has not been the only crypto-related pyramid scheme that Chinese authorities have exposed of late. Last month, Ripple Pay Union, another MLM scam was clamped down. The criminal network claimed to have ties with the American fintech company, Ripple, and its XRP token.

Asides from pyramid schemes, China has also recorded an alarming amount of crypto being used for money laundering and gambling. The crypto that was most commonly involved was found to be USDT according to an analysis by a blockchain forensics firm.

China’s crypto scammers have also involved victims from neighboring countries. Business Standard recounts that victims in Singapore lost over $139 million to Chinese fraudsters last year.

China broadening its crypto crackdown net

China officially declared holding, trading, mining cryptocurrencies illegal last year. Since then it has been going after lawbreakers and putting new regulations in place to ensure there are no loopholes for the crypto industry.

Last week, China’s Supreme People’s Procuratorate disclosed that it prosecuted 1,262 people for laundering crimes involving crypto. The offenders included crypto exchange executives and online lending platforms.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

ecosystem for entrepreneurs
Markethive Advertisement

The original article written by Adrian Klent and posted on

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

BTC BYTE MINER software – working and Paying 2 Options for you

BTC BYTE MINER software – working and Paying (2 Options for you)

(put the Video Sound on)

BTC BYTE MINER is a simple bitcoin mining software, where you get for free: 0.01 BTC; 0.02 BTC and 0.05 BTC and you can choose, Mine and Claim Directly to your Wallet these options from 12 to 12 hours, but ideal is 24 hours, depends on you. It’s Paying! » Video/info/Offer/Free Download:


Don’t worry you can join with us without any investment! How?
Just Follow the next steps in our: Partner/Referral Program:
If you need to join with us, should be follow some terms & conditions below:
1- Send your primary E-mail address;
2- Send your permanent wallet address;
3- Send your full name;
4- Send your country;
5- Send your Facebook address (Our Team will check how is your publish with BTC BYTE MINER software);
6- Send your YouTube channel URL (Our Team will check how is your publish with BTC BYTE MINER software).
If you agree with us then we will generate some program with your information on our software, we will send Your Own Download Link!  (the above Video explains EVERYTHING!!) 


Summary of the most important:

Watch the above image … Yes, “BTC BYTE MINER” software is Growing and Never Stops!! * * * * *

OPTION 1: Join us and Get our Bitcoin Mining Software to Earn Bitcoins Mining Automatically! //

Option 2: Don’t forget our Referral Campaign to Earn 5 Commissions (each 100000 BtcSatoshis) for Free and with these Gains ACTIVATE your Bitcoin Software Forever (500000 BtcSatoshis)!!! This Great Opportunity can stop when you least expect it!! Watch Bellow: 



Tim Moseley

BLOCKCHAIN – Still Set To Be The Most Disruptive Technology Since The Internet


BLOCKCHAIN – Still Set To Be The Most Disruptive Technology Since The Internet

Blockchain technology is celebrating ten years and in spite of the current turmoil, it still stands that it has the potential to become the most disruptive technology since the internet, transforming the way governments and businesses operate and interconnect. But are we close to the tipping point of mass adoption?

Why is it this technology has not yet completely transformed our world, considering the numerous initiatives that are underway? The devil is not in the technological details, but rather in the word just mentioned – transformation. Without a holistic transformational approach to the technology, it will stay promising, not fulfilling its full potential.

Deloitte’s 2018 Blockchain Report suggests that the technology is getting closer to an outright breakthrough. The survey polled a sample of more than 1,000 senior executives in seven countries at companies with $500 million or more in annual revenue. 74% see a compelling business case and 34% have already started to integrate blockchain technology in their organization.

However, despite the respondents’ interest in blockchain’s capabilities, nearly 39% of the global sample said they believed blockchain was “overhyped”. In the United States, this number was even higher: 44% of the respondents view blockchain as overhyped, up from 34% in a 2016 survey by Deloitte.

In terms of technology, blockchain has already proven its value and there are production examples and consortia in almost every industry that are either live or have the mission statement to do so.

We now know that the technology works, and the yet to be released potential is clear: to fully reinvent how businesses and governments manage their transfer of value, be that personal information, currency or goods. Blockchain solutions can take both time and costs out of almost any process, enabling near real-time operations with a high degree of accuracy and control. However, it will require a fundamental transformation in all parts of the value chain to establish new processes, commercial agreements, and controls throughout the ecosystems. Hence, legacy and decentralization are not very well-matched.

So what is needed to make the transformation and move from tech hype to mass adoption? We see three necessary actions:

1. Be clear on the return of investment – regardless of if it comes in fiat currency, tokens, new business or efficiency in governmental processes. A fundamental step for transformation is to move forward from a technological focus, towards a business value-led multi-disciplinary approach. This requires a mindset shift for senior leaders who are used to driving efficiencies and make technology investments for their own organizations. Thinking in terms of consortia, platforms and ecosystems is a new horizon and will take some time to mature.

2. Make regulators regulate – the current lack of regulatory clarity or standards related to e.g. KYC processes, ICOs, and digital identity is holding back potential change.

3. Bring diversity to the table – skills within business, regulation, transformation, subject matter expertise, R&D, project management and more are needed from all genders and walks of life. A fundamental step for transformation is to move forward from a technological focus that mainly attracts a tech-savvy, and often like-minded, group and let people with diverse backgrounds apply their experience and competencies in the next step towards broader adoption. Because there’s one thing we know for sure from these ten years of blockchain: decentralization works.

Viktor Tjäder-Larsson

Philip Dunard Reuter

Ester Sundström


Deloitte is one of the world’s biggest professional services firms, serving four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries

Article by Toshitimes


Tim Moseley

The Artist that came out of the Winter