Chinese Court Sentences Group to Prison for Promising Double Returns on FIL Investment

IconCryptoNewsTerminal Staff23 Jul, 2024

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Chinese Court Sentences Group to Prison for Promising Double Returns on FIL Investment

Chinese Court Sentences Group to Prison for Promising Double Returns on FIL Investment A court in Jiangsu Province, China, has sentenced a group to prison for collecting investment funds by promising double the return if they participated in Filecoin (FIL) staking mining. The court sentenced each of the eight members of the group to three years in prison with a five-year suspension of execution. It was investigated that they recruited 10,000 investors by promising that if they staked FIL coins, they would get double the return through mining, and they collected a total of 40 million yuan. This case highlights the risks associated with investing in cryptocurrency and the importance of doing your own research before investing. If an investment opportunity seems too good to be true, it probably is.

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