27 PlusToken pyramid managers arrested in China.

Damage exceeded $ 5.8 billion.

Chinese police have arrested 27 top suspects in the PlusToken cryptocurrency pyramid. Also arrested 82 key members of the group hiding in the country and abroad. This was announced by the managing partner of Primitive Ventures Dovey Wan.

FINALLY

27 core PlusToken team members are all arrested by Chinese police, the biggest crypto scam in the history so far, $3B worth of crypto is scammed

Bulls now have little to no baggage 🧳 and lets send it to the 🌕 pic.twitter.com/SiDJVSqA5J

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) July 30, 2020

According to law enforcement officers, about 2 million people became victims of PlusToken. The total damage from the activities of the pyramid amounted to $ 5.8 billion, although earlier it was about $ 3 billion.

there is detail report by @chainalysis and @ErgoBTC re movement of the scammed fund

IIRC there is at least $1B has been laundered and split and there is a recent movement in their EOS/ETH pool too, still need to keep an eye on the fund movement

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) July 30, 2020

«A pyramid-related fraudulent fund recently laundered at least $ 1 billion. There is now a movement of funds in EOS and ETH” – added Dovey Wan.

PlusToken Pyramid Details

Recall that the developers of the PlusToken crypto wallet are suspected of creating the largest Ponzi scheme in China.

PlusToken was launched in 2018 and was positioned as a decentralized solution and an “international cryptocurrency project” allegedly supported by a team from South Korea and promoted mainly in Asian countries such as China, Japan, Myanmar, Vietnam, as well as in the EU and Russia.

The company was characterized by clear signs of a pyramid scheme. So, investors were offered a referral system and the opportunity to receive monthly from 6% to 19% for their investment.

In March 2019, police in the southern Hunan province initiated an investigation into the PlusToken Ponzi scheme. Since then, the head of the Chinese division, Chen Bo, has been on the run with five other Chinese citizens associated with the project. In August 2019, the Chinese police managed to detain them.

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