China sentences masterminds of $1 billion crypto Ponzi scheme to prison

Bitcoin Ethereum News A Chinese court has denied an appeal made by the masterminds of a $1.1 billion crypto Ponzi scheme sentenced to years in prison. The intermediary court in the Yancheng city of Chinaࢀ™s Jiangsu province ruled in a judgment on October 27 that four convicts who ran the WoToken Ponzi scheme will serve time behind bars between 2.5 and 8.8 years. In addition, 425 million yuan, or $60 million, worth of illegal proceeds they gained from running the Ponzi scheme are seized by law enforcement and will be forfeited to the state treasury, the court ruled. According to…