Ezubao is a Ponzi scheme: investors defraud of more than $7.6 billion

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According to authorities in China, a peer-to-peer lending company Ezubao defrauded investors of more than $7.6 billion, using the funds on gifts and salaries. The executives at the company are accused of destroying evidence in a business now determined to be a Ponzi scheme: https://www.cryptocoinsnews.com/7-6-billion-p2p-lending-scam-flames-out-in-china/