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href="https://www.panewslab.com/ko/articles/019dd429-05d5-706a-b46d-b33a5242adef"/><news:news><news:publication><news:name>PANews</news:name><news:language>zh</news:language></news:publication><news:publication_date>2026-04-28</news:publication_date><news:title>虚拟货币项目被指控传销，辩护的核心在哪里？——从静态收益与动态收益的资金来源切入</news:title></news:news><image:image><image:loc>https://uploads.panewslab.com/34642af0-3b67-48a2-ad83-dce0c7ff679d</image:loc><image:caption>在邵律师团队代理多起虚拟货币涉传销犯罪案件中，在与相关办案单位人员的沟通中发现，司法机关的定罪逻辑往往是先锁定"有推荐奖励"这一外在形式，再径行认定构成传销犯罪。

但这种认定方式忽略了真正的核心问题——上线的获利究竟来自哪里？

在《虚拟币项目有推荐奖励，不等于传销犯罪——关键看这笔钱从哪来》一文中，笔者已提出：区分传销犯罪与团队计酬行政违法的核心，在于审查"上线获利来源"——是下线的本金还是平台的真实经营收入。

但这一标准在实操层面过于笼统。司法机关在侦查时并不会先抽象的考虑"资金来源是什么"，而是直接拆解平台收益的结构

静态收益怎么来的？动态收益怎么算的？资金从哪个钱包流向哪个钱包？</image:caption><image:title>虚拟货币项目被指控传销，辩护的核心在哪里？——从静态收益与动态收益的资金来源切入</image:title></image:image></url><url><loc>https://www.panewslab.com/articles/019dd429-95a2-7333-af94-bd54e800e245</loc><lastmod>2026-04-28T12:52:00.000Z</lastmod><xhtml:link rel="alternate" hreflang="zh" href="https://www.panewslab.com/zh/articles/019dd429-95a2-7333-af94-bd54e800e245"/><xhtml:link rel="alternate" hreflang="zh-hant" href="https://www.panewslab.com/zh-hant/articles/019dd429-95a2-7333-af94-bd54e800e245"/><xhtml:link rel="alternate" hreflang="en" href="https://www.panewslab.com/en/articles/019dd429-95a2-7333-af94-bd54e800e245"/><xhtml:link rel="alternate" hreflang="ja" href="https://www.panewslab.com/ja/articles/019dd429-95a2-7333-af94-bd54e800e245"/><xhtml:link rel="alternate" hreflang="ko" href="https://www.panewslab.com/ko/articles/019dd429-95a2-7333-af94-bd54e800e245"/><news:news><news:publication><news:name>PANews</news:name><news:language>zh</news:language></news:publication><news:publication_date>2026-04-28</news:publication_date><news:title>Polymarket已完成现货订单簿CLOB v2升级，交易功能已陆续恢复</news:title></news:news></url><url><loc>https://www.panewslab.com/articles/019dd423-90d7-7025-8bfb-bb75170d787d</loc><lastmod>2026-04-28T12:49:00.000Z</lastmod><xhtml:link rel="alternate" hreflang="zh" href="https://www.panewslab.com/zh/articles/019dd423-90d7-7025-8bfb-bb75170d787d"/><xhtml:link rel="alternate" hreflang="zh-hant" href="https://www.panewslab.com/zh-hant/articles/019dd423-90d7-7025-8bfb-bb75170d787d"/><xhtml:link rel="alternate" hreflang="en" href="https://www.panewslab.com/en/articles/019dd423-90d7-7025-8bfb-bb75170d787d"/><xhtml:link rel="alternate" hreflang="ja" href="https://www.panewslab.com/ja/articles/019dd423-90d7-7025-8bfb-bb75170d787d"/><xhtml:link rel="alternate" hreflang="ko" href="https://www.panewslab.com/ko/articles/019dd423-90d7-7025-8bfb-bb75170d787d"/><news:news><news:publication><news:name>PANews</news:name><news:language>zh</news:language></news:publication><news:publication_date>2026-04-28</news:publication_date><news:title>04.28｜美联储决议前夕承压，比特币后续走势预判</news:title></news:news><image:image><image:loc>https://uploads.panewslab.com/01387650-95c5-4233-8fb3-36204227f766</image:loc><image:caption>04 月 28 日 BTC 跌至 76193 USDT，失守 7.7 万关口，恐惧贪婪指数跌至 33，市场恐慌蔓延。资金费率全线看空、ETF 资金逆转离场，叠加地缘危机与 ETH 巨鲸爆仓隐患，多重利空共振。多周期趋势走弱，处于单边下跌行情。结合链上数据与资金流向拆解市场逻辑，给到精准阻力、支撑区间及稳健做空思路，同时提示超跌反弹风险与美联储会议关键影响。</image:caption><image:title>04.28｜美联储决议前夕承压，比特币后续走势预判</image:title></image:image></url><url><loc>https://www.panewslab.com/articles/019dd421-8135-76de-ab1c-62076e09e31f</loc><lastmod>2026-04-28T12:47:00.000Z</lastmod><xhtml:link rel="alternate" hreflang="zh" href="https://www.panewslab.com/zh/articles/019dd421-8135-76de-ab1c-62076e09e31f"/><xhtml:link rel="alternate" hreflang="zh-hant" href="https://www.panewslab.com/zh-hant/articles/019dd421-8135-76de-ab1c-62076e09e31f"/><xhtml:link rel="alternate" hreflang="en" href="https://www.panewslab.com/en/articles/019dd421-8135-76de-ab1c-62076e09e31f"/><xhtml:link rel="alternate" hreflang="ja" href="https://www.panewslab.com/ja/articles/019dd421-8135-76de-ab1c-62076e09e31f"/><xhtml:link rel="alternate" hreflang="ko" href="https://www.panewslab.com/ko/articles/019dd421-8135-76de-ab1c-62076e09e31f"/><news:news><news:publication><news:name>PANews</news:name><news:language>zh</news:language></news:publication><news:publication_date>2026-04-28</news:publication_date><news:title>虚拟币项目有推荐奖励，不等于传销犯罪——关键看这笔钱从哪来</news:title></news:news><image:image><image:loc>https://uploads.panewslab.com/0b9cc8d5-30f9-4f3d-84f7-31423ebea0c8</image:loc><image:caption>虚拟货币项目若具备特定模式特征，结合当前国内严厉打击炒币的政策导向，存在被定性为组织、领导传销活动罪的显著刑事风险。

在前文《虚拟货币传销被抓，涉案项目通常是这四种》中，邵律师已梳理了虚拟货币项目涉传销的典型模式及其变种。

然而，Web3概念迭代迅速、模式层出不穷，司法实践中亦不乏司法机关因对Web3项目模式的不熟悉，将部分具有真实商业逻辑的Web3项目，误判为传销犯罪。

本文旨在探讨：什么样的Web3项目模式，不应当被认定为传销犯罪？律师的辩护空间到底在哪里？本文将结合具体案例展开分析。</image:caption><image:title>虚拟币项目有推荐奖励，不等于传销犯罪——关键看这笔钱从哪来</image:title></image:image></url><url><loc>https://www.panewslab.com/articles/019dd41a-5b79-77fb-b5b7-2cb53f76fefd</loc><lastmod>2026-04-28T12:39:00.000Z</lastmod><xhtml:link rel="alternate" hreflang="zh" href="https://www.panewslab.com/zh/articles/019dd41a-5b79-77fb-b5b7-2cb53f76fefd"/><xhtml:link rel="alternate" hreflang="zh-hant" href="https://www.panewslab.com/zh-hant/articles/019dd41a-5b79-77fb-b5b7-2cb53f76fefd"/><xhtml:link rel="alternate" hreflang="en" href="https://www.panewslab.com/en/articles/019dd41a-5b79-77fb-b5b7-2cb53f76fefd"/><xhtml:link rel="alternate" hreflang="ja" href="https://www.panewslab.com/ja/articles/019dd41a-5b79-77fb-b5b7-2cb53f76fefd"/><xhtml:link rel="alternate" hreflang="ko" href="https://www.panewslab.com/ko/articles/019dd41a-5b79-77fb-b5b7-2cb53f76fefd"/><news:news><news:publication><news:name>PANews</news:name><news:language>zh</news:language></news:publication><news:publication_date>2026-04-28</news:publication_date><news:title>虚拟货币传销被抓，涉案项目通常是这四种</news:title></news:news><image:image><image:loc>https://uploads.panewslab.com/be01edaa-8215-4216-aa45-052448394f96</image:loc><image:caption>近几年，公安机关以组织、领导传销活动罪立案查处的虚拟货币类案件大幅增加。在我们代理的多起此类案件中，当事人所涉及的项目，名称和模式各不相同，但若对这些项目模式进行拆解、归类，可以看出其底层原理具有高度的重复性。

根据国内已判决的司法案例，邵律师将虚拟货币类传销案件大体归纳为以下四种典型结构。搞清楚涉案项目属于哪种模式，是后续所有工作的前提——定性不同，辩护切入点完全不同。</image:caption><image:title>虚拟货币传销被抓，涉案项目通常是这四种</image:title></image:image></url><url><loc>https://www.panewslab.com/articles/019dd419-0afe-72a4-9b15-74513dd709f4</loc><lastmod>2026-04-28T12:37:00.000Z</lastmod><xhtml:link rel="alternate" hreflang="zh" href="https://www.panewslab.com/zh/articles/019dd419-0afe-72a4-9b15-74513dd709f4"/><xhtml:link rel="alternate" hreflang="zh-hant" href="https://www.panewslab.com/zh-hant/articles/019dd419-0afe-72a4-9b15-74513dd709f4"/><xhtml:link rel="alternate" hreflang="en" href="https://www.panewslab.com/en/articles/019dd419-0afe-72a4-9b15-74513dd709f4"/><xhtml:link rel="alternate" hreflang="ja" href="https://www.panewslab.com/ja/articles/019dd419-0afe-72a4-9b15-74513dd709f4"/><xhtml:link rel="alternate" hreflang="ko" 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