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PlusToken
Crypto-based Ponzi scheme From Wikipedia, the free encyclopedia
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PlusToken was a ponzi scheme that operated worldwide but mainly had investors in China and South Korea.[1]
History
PlusToken started in April 2018.[2] It offered monthly payments to users of its cryptocurrency wallet.[3] There was also a token called Plus associated with it.[4] The total amount of cryptocurrency taken by PlusToken was estimated to be worth (based on 2019 prices) between $2 and US$2.9 billion.[1][5][6] The selling of cryptocurrencies from PlusToken was speculated to have been the cause of price drops in bitcoin.[7][8][9]
In June 2019,[10] six Chinese nationals associated with the scheme were arrested in Vanuatu and deported so they could face trial in China.[2]
In July 2020, China's Ministry of Public Security announced that 27 "major criminal suspects" and 82 "key" members of PlusToken have been arrested.[11]
In November 2020, a court in Jiangsu sentenced ringleaders behind the scheme to between two and eleven years in prison.[5]
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See also
References
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