Chinese company raised $ 18 million with dubious token sale
Chinese medical firm raised 120 million yuan ($ 18 million) by issuing its own digital currency, contrary to the ban that China announced in 2017 year.
how reported on Monday by Investor China, Hangzhou-based Zhaoyun Group focuses on healthcare and research.
After talking with the promoters of the token sale in WeChat groups, the journalists found out that thanks to the public sales of the company It was attracted 18 million dollars. The sale was carried out using a multi-tiered distribution system, in which the participants returned their investments, attracting to the campaign of others investors.
It is noteworthy that this ICO was held at a time when the Chinese authorities again tightened measures to combat attraction funds with the help of cryptoassets, and in Tom including activities where investors’ money is collected through financial pyramids.