China has prosecuted six members of the PlusToken team on suspicion of organizing and leading the pyramid scheme
The Xiangshui District People’s Procuracy, China, has begun prosecuting six defendants of PlusToken. It is known that these are the six key members of the project, including Chen Shaofeng, Liu Jianghua, Lu Qinghai, Jin Xinghai, Wang Yin, and Zhang Qin.
PlusToken – An unforgettable legendary name in the crypto community
PlusToken – which is no longer in existence – but has long been accused of defrauding gullible investors, promising them sums of money if they invest in tokens, and calling others to invest in a little rose.
The move comes a month after Chinese authorities made 109 arrests involving PlusToken, detained more than 27 members of its core group, and 82 other key promoters.
At its peak, PlusToken attracted more than 2 million participants, with more than 3,000 decentralized relationships, with the total value of participating cryptocurrencies above 40 billion yuan ($ 5.8 billion).
PlusToken has run the program under the guise of a crypto wallet and application with interest from South Korea. This Ponzi project promises more than 10% – 30% monthly return on initial capital to users based on a generous referral program.
And it worked for real. PlusToken attracted about 3 million users in May 2019, but soon after, users discovered they could not access their money on the PlusToken platform. And of course, the police have to get in.
3/ The #PlusToken scam is alleged to have been ended by #Vanuatu Police on the 27th of June. According to reports in Chinese media on the 1st of July that showed photos of some of the suspects arrested in Vanuatu & the alleged ring leader in China who was reported to be at large. pic.twitter.com/9knaWlSzIa
— DLT Vanuatu (@DLT_Vanuatu) July 14, 2019
In July 2019, police arrested six members of the PlusToken group, all of whom were rumored to be the main propagators of the plan at the time. This opened up the legitimacy of the project and was the start of a hunt for its architects. What followed was a year-long chase that ended with the arrest last month.
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