WoToken was a cellular app Ponzi scheme launched by Chinese language scammers final yr.
Final month the rip-off’s co-founders, Gao Yudong, Li Qibing, Wang Xiaoying and Tian YongBo, had been every sentenced by a Chinese language court docket to jail sentences starting from two years six months to eight years six months.
As reported by Sina on November third;
Defendant Gao Yudong dedicated the crime of organizing and main pyramid schemes and was sentenced to eight years and 6 months in jail and a wonderful of RMB 2 million.
Li Qibing dedicated the crime of organizing and main pyramid schemes and was sentenced to seven years in jail and fined RMB 1.5 million;
Wang Xiaoying dedicated the crime of organizing and main pyramid schemes and was sentenced to seven years in jail and fined RMB 1.5 million;
Tian Yongbo dedicated the crime of organizing and main pyramid schemes and was sentenced to 2 years and 6 months in jail and fined RMB 1 million;
Li Guomin dedicated the crime of concealing felony proceeds and was sentenced to a few years imprisonment, suspended for 5 years, and fined 100,000 yuan;
Tang Xiaohua dedicated the crime of harboring and was sentenced to 6 months’ imprisonment with one yr’s probation.
In our personal WoToken evaluation, some man going by Edward Wu (aka Edward Ng) was claiming to be WoToken’s founder. He was additionally the CEO of a shell firm known as 1WorldBlockahin.
Wu’s LinkedIn profile remains to be up. 1WorldBlockchain’s web site advises the corporate is ‘endure(ing) a whole replace of all our techniques, initiatives, merchandise’.
The corporate’s official Twitter account was deserted in January 2019.
Whether or not Wu is likely one of the jailed co-founders or was a Boris CEO actor stays unclear.
Chinese language authorities have established there have been 715,249 WoToken affiliate buyers. Collectively, based mostly on the then worth of cryptocurrency invested, WoToken victims misplaced $1.18 billion USD.