Four co-founders of the WoToken Ponzi scheme have received prison sentences in China. The mobile app, launched by Chinese fraudsters, defrauded over 700,000 investors out of more than $1 billion.

Gao Yudong, Li Qibing, Wang Xiaoying, and Tian Yongbo were convicted of organizing and leading pyramid schemes. A Chinese court handed down sentences ranging from two years and six months to eight years and six months. Gao Yudong received the longest sentence of eight years and six months and was fined 2 million yuan. Li Qibing and Wang Xiaoying were each sentenced to seven years in prison and fined 1.5 million yuan. Tian Yongbo received a two-and-a-half-year sentence and a 1 million yuan fine.

The scheme operated as a mobile application, soliciting investments from a vast network of participants. Chinese authorities identified 715,249 affiliated investors. The total losses, calculated based on the cryptocurrency values at the time of investment, reached $1.18 billion USD.

Additional defendants faced charges related to financial crimes. Li Guomin was convicted of concealing criminal proceeds and received a three-year suspended sentence with a five-year probation period, along with a 100,000 yuan fine. Tang Xiaohua was found guilty of harboring and sentenced to six months in prison, with a one-year probation.

During the scheme's promotion, an individual using the name Edward Wu, also known as Edward Ng, claimed to be WoToken's founder. He was also identified as the CEO of a company named 1WorldBlockchain. Wu's LinkedIn profile remained accessible, though it has since been made private. The 1WorldBlockchain website indicated ongoing system and project updates, while the company's official Twitter account ceased activity in January 2019. It remains unclear whether Edward Wu is among the convicted co-founders or was a figurehead.