Ripple UnionPay Community crypto pyramid scheme’s organizers arrested in China

The law enforcement officers managed to confiscate about $5,4 million in XRP cryptocurrency

25.02.2022 - 10:15

488

1 min

What’s new? According to journalist Colin Wu, the police in China have conducted an operation to arrest the organizers behind a large crypto pyramid scheme called Ripple UnionPay Community. As a result, 7 members of the fraudulent project have been detained and face criminal penalties.

Screenshot of the tweet

“The Chinese police cracked a large-scale pyramid scheme which developed more than 47 000 members. In total, more than 8,46 million Ripple coins were seized,” Wu writes.

What else is known about the crypto pyramid scheme? The organizers of the Ripple UnionPay Community promised their members fabulous returns on investment and bonuses when new investors were invited to join the program. In this, the main currency on the platform was the XRP coin. The participants bought XRP and sent it to their alleged investment account.

The fraudsters were known to have developed a special offer and promoted it through social media. More than 47 000 people were affected as a result of their activities. The exact amount of damage is not yet known, but the law enforcement officers were able to seize more than 8,46 million coins, the equivalent of about $5,4 million, upon arrest.

Author: