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Neosify - Buy, Stake & Earn Crypto

New Crypto Ponzi From China Siphons $11M in Bitcoin

By Abhimanyu Krishnan | News | 24 Apr 2020

On April 22, media outlets began reporting that a Chinese Ponzi scheme, Antimatter Kingdom (AK), which had launched in April and attracted investors by saying it was a “super mining application group”, had stolen $12 million worth of Bitcoin (BTC). The total number of Bitcoins in question is 1607, with 180,000 apparently locked up in "soul mining."

Founding partner at Primitive Crypto, Dovey Wan, tweeted about the scam on April 19.

The company said that it was operating on the CXC chain and that users could see large returns through the implementation of various cloud mining schemes. The grandiosity of the press release is matched by the “modules” that AK claims supports these exorbitant returns, 

AK is the official super node mining platform issued by CXC, the basic composition application of the CXC ecology, and the cornerstone project of the CXC ecological explosion. AK consists of 4 core application modules: BTC soul mining, CXC obliteration mining, AK stepless mining, and bit collision.

The app, which has only been in operation for a month, made several grand claims. Opening with a claim that it would“surpass the expectations of the world”, AK’s claims are best read for oneself,

260 million AK minable output: 1% -10% through BTC soul mining, 1% -10% through CXC annihilation mining, and 80% -98% through AK stepless mining. BTC cuts output by 50% every 4 years, while AK cuts output by 18% every 90 days. More deflationary!

So far there has been limited updates on the development and there is no word yet from authorities on an investigation.

Reports emerged earlier this week that a Chinese EOS app, EOS Ecosystem, had shut down with the founders stealing $52 million worth of users’ funds. But possibly the most notable of Ponzi schemes is PlusToken, which in 2019, siphoned roughly $2 billion worth of funds from users, attracting massive media coverage. 

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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