A large crypto pyramid scheme was recently busted in Xi’an China, the beautiful city famous for its terracotta warriors. The alleged $13 million pyramid scheme promised to provide returns of $13,000 dollars per day with an initial investment of $480,000. Over 13,000 investors are rumored to participate. The cryptocurrency involved is named Da Tang Coin, in relation to DTC Holdings of Hong Kong.
This type of news is that primary reason why China has banned all cryptocurrency trading. The large amount of scams within the country are targeting average investors who stand a lot to lose from this type of investment. We feel high sympathy for the investors who have lost their money and hope the Chinese police can secure repayment for this fraud. The initial report can be read here.