It's official, the ringleaders of the well known scam who defrauded more than 2 million victims using a model of arbitrage entrepreneurship ponzi scheme, will be on jail for 11 years. The scammers managed to spend $2.25 billion from the customers funds who invested on their pyramid scheme, the other part was seized by the Chinese Police, almost $4 worth in crypto, that will forfeit to the Chinese treasury.

Accordingly to the news, the leaders of the defunct scam will be jailed after found guilty on the accusations of defrauding people in more than $2.25 billion worth in cryptocurrency. The judgement was conducted by a court in the province of Jiangsu in China.

The local media report that the main leaders started the PlusToken in 2018 with pure intention to steal money from investors, at first they charged fees in crypto to be able to cash out daily payments from their arbitrage business, each investor in order to receive those payments needed to pay $500 worth in crypto (Bitcoin, Bitcoin Cash, Ether, Dogecoin, EOS, XRP...), after they collected those amount on fees the business started to not paying anymore and after they vanished, taking with them more than $7.6B from creditors.

The creditors were lured to believe that PlusToken ponzi scheme was a legit business and at first they promised high returns from their investments, which at first paid to convince more people to join it and pay the astonishing $500 fee to be able to cash out daily. At the time they were well accepted with more than 2M customers joining the fraudulent business.

The leaders of this business used social media to attract their victims and steal from them, the "masterminds" behind it promised huge returns from the victims investments.

After the business flagged as scam the leaders run to Cambodia, and Vietnam to continue with their scam, they even used part of the money to spend it in luxury houses and cars leaving a "kings life" but the Chinese authorities manage to arrest all 27 ringleaders.

It's estimated that the main leader of PlusToken cashed out more than $19M to sustain his lavish life when they run to Cambodia to continue with the fraudulent activity.

Well they now seeing the sun from Jail, and have also to pay fine from $100,000-$1M for their actions.

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