Fraud and Scams

6 Members of a Billion-Dollar Scam Now Facing Criminal Charges

Six members out of the 109 accused suspects of the $6 billion Ponzi scheme called Plustoken were sued to court recently.

A massive heist which shocked many, Plustoken criminals were prosecuted based on “suspected in organizing and leading criminal pyramid schemes.”

The scam has gathered a large number of crypto assets during the scheme’s short tenure. In simplest terms, this was a syndicated pyramid scheme that masked to offer high-yield returns after people deposited funds into the system.

Back in July, China’s Ministry of Public Security, the country’s principal police and security authority

Moreover, there are promised native token eponymous token (PLUS) and was able to amass 200,000 BTC, 26 million EOS, and roughly 789,000 ETH through the systems.

After the cybercriminal sacked up all the funds, they just left a single message of seemingly fake apologies: “sorry we have run.”

In the recent report, 27 members were reportedly masterminds within Plustoken’s empire, things that went an instant hit and gained popularity in China and South Korea.

Following the mass arrest, China revealed that Zhang Qin, Liu Jianghua, Wang Yin, Chen Shaofeng, and Lu Qinghai were named in the indictment through a court document

Based on the accused’s court charges, the Xiangshui County and Yancheng City prosecutors enumerated that the six defendants are “suspected in organizing and leading criminal pyramid schemes.”

But despite being busted through this significant scheme, crypto funds from the Plustoken scam still prosper and considered the Ponzi scheme’s kingpin is still running.

Before July, Plustoken is reported to attract over two million investors, as well as information that they allowed people to easily convert KRW or renminbi into a myriad of digital assets.

Moreover, one unique thing about these scammers is that they devised for the conversion of crypto assets like litecoin (LTC) and dogecoin (DOGE). B

If one could remember in May, some reports divulged that the Wotoken project (a similar scam) was indicted in Yancheng City.

These were hiddenly connected with the Plustoken Ponzi ringleaders, and that scheme managed to steal $1 billion in digital assets or 715,000 victims.

China’s Ministry of Public Security, the country’s principal police and security authority, Chinese police have taken down Plustoken, a major multinational pyramid scheme using cryptocurrencies, local news outlet CLS reported on Thursday.

The Plustoken scheme has lured in more than 2 million investors who joined on over 3,000 levels. It has swindled funds worth more than 40 billion yuan (approximately $5.7 billion) from the victims.

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