It has been just revealed the fact that Filecoin miners have been charged in a massive scandalous scheme. Check out the latest reports about this below.

Chinese authorities charge miners

Chinese authorities have charged a Filecoin (FIL) mining company with running an $83 million pyramid scheme.

The local court in Pingnan county in the Guangxi autonomous region has announced that criminal proceedings have commenced against Shenzhen Shikongyun Technology, one of China’s largest Filecoin mining companies, and its four executives.

The prosecution alleges that the company used deceptive tactics to entice investors into mining Filecoin on its platforms by inflating profit prospects. The company required new members to purchase or rent mining machines to join its mining operations.

The prosecution claims that the company set up a website and an official WeChat account to promote its operations and the platforms and

The company has been accused of accumulating nearly 100,000 members and earning 606.95 million yuan ($83.3 million) between February 2021 and May 2022.

It is worth noting that China has completely banned all crypto transactions on its mainland as of September 2021. However, Hong Kong is becoming increasingly open to crypto.

Filecoin was launched in 2020 and aimed to provide reliable long-term storage solutions and competitive pricing for storage as a decentralized file sharing and storage service. As of now, Filecoin is being traded at $3.80, with a decline of 5.4% in the last 24 hours.

In other important crypto news, Coinbase, the American crypto exchange, has successfully obtained government approval to offer Bitcoin (BTC) and Ethereum (ETH) futures in the US.

The National Futures Association (NFA) has given Coinbase the green light to manage a futures commission merchant (FCM) and provide eligible US traders with BTC and ETH futures products.

FCMs are federally regulated entities that offer and accept futures contracts on securities and commodities. In September 2021, Coinbase filed an application with the NFA to register as an FCM.

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