According to the Xuzhou Procuratorate Official Account, the Xinyi City Procuratorate of Jiangsu Province prosecuted the case of "Ubank" virtual currency funds for allegedly organizing and leading pyramid schemes. It was found that the platform team had more than 100,000 registered users, and the transaction volume involved in pyramid schemes exceeded 10 billion yuan. The court made a guilty verdict in the first instance, and 33 defendants were sentenced to fixed-term imprisonment ranging from two to six years. Since the defendants filed an appeal, the case is currently under trial in the second instance.