Mining service provider faces $100M lawsuit over pyramid scheme allegations in China
On Aug. 14, regional media reported that the court held a public hearing on a case that might potentially set a precedent in China for how crypto schemes are prosecuted and managed. The lawsuit implicates Shenzhen Space-Time Cloud Technology executives of setting up a pyramid plan that accumulated around $100 million and scammed their investors. Report on the public hearing held at the Peoples Court of Pingan County.
Thank you for reading this post, don't forget to subscribe!
Related Content
- Circle reportedly adjusts USDC reserves to avoid US default risk
- Bitcoin ETF hopium fades as on-chain and futures data reflect traders’ muted activity
- Ethereum gas fees cool down after May memecoin frenzy
- Amazon adds 5% fuel and inflation surcharge to seller fees
- The Hubris Of FTX And The Humility Of Bitcoin