PlusToken was a ponzi scheme that operated worldwide but mainly had investors in China and South Korea. [1]
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]
PlusToken was a ponzi scheme that operated worldwide but mainly had investors in China and South Korea. [1]
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]