The $ 5.7 billion scam - police put an end to PlusToken

The $ 5.7 billion scam - police put an end to PlusToken

By NassiroV | CryptoPress360 | 5 Aug 2020

Alleged PlusToken scam rocks crypto community | Cryptopolitan

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End of the game for PlusToken? - The PlusToken crypto-scam exploited a pyramid scheme, with promises of crazy returns, to attract more and more investors in its nets. The arrest of 27 high-ranking representatives of this Ponzi scheme offers hope that this sad story will end for good.

Biggest crypto scam to put 6 feet under?

During the first part of this year 2020, the remnants of the PlusToken scam gave the cryptosphere a cold sweat.

Between bitcoins , the ethers and EOS collected through this scam, they are hundreds of millions of dollars crypto that were extorted from wallet to wallet in no doubt to flow. It was a significant risk to see massive sales of these stolen cryptos, which could cause prices to drop .

Initiated in February 2018, PlusToken is said to have managed to scam a total of around $ 5.7 billion in cryptocurrency from its misguided investors. It involved nearly 2 million participants across the globe, although the center of its network was based primarily in China and Southeast Asia .

Although the Chinese police caused a first stop to the scam in June 2019 , with the arrest of 6 representatives of PlusToken, many accomplices then managed to escape and temporarily escape justice.

An international net against 109 members of PlusToken

According to several local Chinese media, including ChinaNews , the police group in charge of the PlusToken affair would have visited several countries in the region (Cambodia, Vietnam, Malaysia, etc.) to track down those responsible for this gigantic Ponzi scheme.

The police thus arrested no less than 27 executives of PlusToken as well as 82 other "key" members of the scam.

But what about stolen cryptos? So far, police have not given any further details about the arrests. We will therefore have to remain vigilant and patiently observe the blockchain networks to see if the cryptos held on the wallets of PlusToken scammers are still moving  or if they are now frozen .

This remains good news for the cryptosphere, which thus sees the sword of Damocles receding from the young bullish movement of Bitcoin and cryptos. The bulls will be all the more serene to invest. We just have to hope that we never hear from PlusToken again.

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Hi, and welcome to my blogs :)! ​I’m Nassir, a thirty-something guy who loves to travel and write, especially about Crypto and Blockchain. I have been blogging and trading cryptocurrencies for a while. I hope that you find my articles beneficial to you.


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