Shanghai police have busted an online pyramid scheme that used cryptocurrencies worth more than 100 million yuan (US$15.7 million), the latest example of China’s ongoing crackdown on fundraising activities involving digital tokens.

The company alleged to have committed the crime established a platform in June 2020 that claimed to offer “services to appreciate cryptocurrency”.

Shanghai police bust US$16 million cryptocurrency pyramid scheme amid crackdown on digital token fundraising comes via ChinaTechNews.com.