Chinese Police Seizes $5.4M in XRP From Financial Pyramid Organizers
Main page News, China, Ripple

The police has arrested seven organizers of a multi-tiered financial pyramid in China's Gansu province and seized more than 8.46 million XRP tokens or about $5.4 million $.

The Chinese police reportedly discovered in March last year that the Ripple UnionPay Community project was promoting investments through social platforms. As part of the promotion, the project was promising users high income and rewards for attracting new investors.

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To participate in the scheme, users had to buy XRP and deposit funds into an account on the Ripple UnionPay Community app.

In addition to cryptocurrencies, the seven arrested have had smartphones, computers and other items involved in the case seized. At the time of the arrest of the organizers, the pyramid consisted of 18 levels, involving more than 47,000 investors from all over the country.

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