Following complaints of withdrawal delays starting June twenty seventh, Chinese language media are reporting the Plus Token Ponzi scheme has formally collapsed.
On June twenty ninth a report got here throughout my desk detailing the arrest of Chinese language nationals in Vanuatu.
Authorities in Vanuatu have arrested six Chinese language nationals following complaints from authorities in China that they have been working an web rip-off from the Pacific island, media reported on Saturday.
That’d be Saturday June twenty seventh, the date Plus Token associates started reporting withdrawal issues.
Sadly the South China Morning Submit report quoted above didn’t identify the “web rip-off” concerned.
I did observe the report as odd (Chinese language scammers in Vanuatu?) however left it at that.
Quick ahead to earlier at the moment, when Chinese language tech web site 36KR confirmed the “web rip-off” busted final weekend was Plus Token.
Of the six Chinese language Plus Token scammers arrested above, Chen Bo seems to have been probably the most outstanding.
Citing stories of non-payment from over 4 hundred PlusToken associates in social media teams, 36KR has concluded PlusToken has collapsed.
As on the time of publication nevertheless, PlusToken’s web site and official social media accounts stay on-line.
PlusToken promoters determined to fend off mobs of victims coming after them, are disregarding the collapse as a “hacker assault”.
The July fifth date references a Plus Token “leaders assembly”, beforehand scheduled to happen in Tokyo, Japan:
Citing a supply “near Chinese language police” concerned within the Vanuatu raid, 36KR are reporting investor losses of 20 billion yuan ($2.9 billion USD).
BehindMLM reviewed Plus Token again in October 2018. Based mostly on its enterprise mannequin, we concluded Plus Token was an apparent MLM crypto app Ponzi scheme.
Of the three MLM crypto app Ponzi schemes launched in affiliation with the World Blockchain Discussion board, Plus Token was the oldest.
Cloud Token and the newly launched S Block are nonetheless operational.
World Blockchain Discussion board coordinates their Ponzi schemes out of Singapore. As of but Singaporean authorities have but to take any motion towards the corporate.
Given Cloud Token and S Block primarily share the identical fraudulent enterprise mannequin as Plus Token, it’s solely a matter of time earlier than they go bust too.