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Beijing investigates the first case of pyramid selling using blockchain and virtual currency, a technology company was fined and confiscated over 930,000 yuan

According to a report from the Beijing Daily client, the Market Supervision Administration of Haidian District, Beijing, investigated and handled the city's first illegal case of assisting pyramid schemes using blockchain and virtual currency technology, resulting in a technology company being fined and confiscated a total of over 930,000 yuan.The technology company involved is an outsourcing service provider for a certain public blockchain, offering support such as operations, market services, publicity and promotion, exchange docking, and maintenance. This public blockchain launched the "Atomic Plan" and "Hathaway Plan," which are centered around recruiting people for rebates, using the number of recruited individuals as the basis for rebates, and requiring participants to invest funds to obtain membership qualifications. Despite being aware of the pyramid scheme applications associated with this public blockchain, the involved company continued to provide technical operations, external publicity, and maintenance of virtual currency trading channels, facilitating the flow of funds and the spread of activities related to the pyramid scheme.Ultimately, the pyramid scheme activities of this public blockchain were investigated by public security authorities, the organizers were criminally detained, and the involved technology company was administratively punished with a total fine and confiscation of over 930,000 yuan for providing facilitative conditions.

first_img Bank Negara Malaysia launched the SSDS+ platform, supporting the issuance of tokenized bonds and Islamic bonds

Bank Negara Malaysia announced the launch of a new generation of paperless securities depository system SSDS+, based on distributed ledger technology, supporting the issuance, custody, and safekeeping of tokenized debt securities, including Islamic bonds (sukuk). The platform can track the ownership and transfer of tokenized securities and connects to the real-time electronic funds and securities transfer system RENTAS+, completing the corresponding bond payment settlements with central bank currency.Bank Negara Malaysia stated that while SSDS+ is primarily designed for wholesale issuance, it also has the capability to support tokenized government bonds and corporate retail bonds. The announcement did not disclose the specific securities issued through the platform, nor did it publish relevant trading volume data.The launch of the platform is a follow-up initiative to the three-year asset tokenization roadmap announced in November 2025, which outlined pilot projects involving Islamic finance, supply chain financing, and programmable payments. In February of this year, Bank Negara Malaysia also tested the ringgit stablecoin and tokenized bank deposits through its Digital Asset Innovation Center, with participating institutions including Standard Chartered Bank, CIMB Group, Bank of Malaysia, and investment holding company Capital A.
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