On December 12, 2019, the Economic Crime Department of the Wudalianchi Municipal Public Security Bureau received a public complaint that someone was engaging in illegal pyramid selling and selling radar coins on a certain street in the citylottery secretsJust need you. The Economic Crime Department immediately organized a team of efficient police officers to conduct an investigation. Preliminary investigation revealed that there was indeed a store selling radar coins and conducting propaganda. Radar coins have been identified by the state as a new type of pyramid scheme fraud, and the sale and propaganda of radar coins are both illegal acts.

　　On December 13, 2019, the Economic Crime Department of the Wudalianchi Municipal Public Security Bureau, in conjunction with the Administration for Market Regulation and Industrial and Commercial Management, jointly enforced the crackdown on illegal propaganda and sales of radar coins, a pyramid scheme. During the law enforcement process, the business department found that the storefront lacked a business license, and was operating without a license. The signboard of the storefront was immediately forcibly removed in accordance with the law, and the person in charge of the storefront was ordered to assist in the investigation. The case is under further investigation.

　　Investigations have found that the predecessor of ‘Radar Coin’ is ‘Vpal’, also known as ‘Vbao Coin’sports betting local and The latest method. Tencent Finance has reported on the suspicion of pyramid selling of ‘Vpal’ as early as 2014. According to the organizer’s propaganda, Vbao is a new generation of Online casino and How to find it. After purchasing and holding Vbao, one gets the corresponding computing power, that is, gets the corresponding Vbao Coin returns. But to get more profits, one must promote it, that is, develop subordinates, attach the subordinates’ wallets under their own wallets, and can get the corresponding promotional computing power, thus obtaining greater profits.

　　’Through the pyramid-like wallet套wallet method, it has formed a hierarchical system in the virtual world. If we remove the Online casino and How to find it facade, this model is pyramid selling.’ Professor Ruan Qilin, a professor of criminal law at China University of Political Science and Law, told Tencent Finance.
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　　According to the introduction of the ‘Vpal’ website, ‘Vbao is a payment system that can pay, receive, and store any currency, including Bitcoin, Litecoin, and even gold, silver, and other metal currencies.’

　　The website also introduces that ‘Vbao Coin was initially issued with 10 million coins. In the first three years, it maintains an increase of about 10% per month, that is, 1 million coins are increased in the first month, 1.1 million coins in the second month, and the interest accumulates. After three years, Vbao Coin will maintain an increase of 5% per month until the total reaches 1 billion coins.’

　　According to a report by Tencent Finance, Sun Yuchen said during the interview, ‘Vbao simply copied a few folders from Ripple, and calling it plagiarism is giving it too much credit; the name hasn’t changed, and the files inside are all empty when you click into them.’

　　In addition, as early as 2017, the Jinhua Public Security Bureau warned that ‘Radar Coin’ was suspected of pyramid selling. During the visit of community police in Zhejiang Jinhua, it was learned that residents participated in the investment of ‘Radar Coin’ Online casino and How to find it after being introduced by friends, and there were customer service staff explaining the investment methods of Radar Coin on the website.

　　This investment project lured people into joining by offering high profit returns through online ‘Radar Coin’ trading and purchasing Online casino and How to find it, and absorbing fundsonline casino local and The latest plan. Its actions are suspected of pyramid selling and should be highly vigilant.

　　Again, on September 4, 2017, seven ministries jointly issued the ‘Notice on Preventing and Controlling Risks of Token Issuance and Financing Activities’. The notice explicitly bans all types of token issuance and financing activities. Relevant departments will investigate and punish illegal and illegal behaviors in token issuance and financing projects that have been completed or those that refuse to stop in accordance with the law.

　　Article Source: Tencent Finance