A yr on from its collapse, Chinese language authorities have arrested 109 scammers tied to the Plus Token Ponzi scheme.
Plus Token was one of many early cell pockets crypto Ponzi schemes. Launched in late 2018, Plus Token collapsed in mid 2019.
On the time Chinese language authorities estimated Plus Token brought about $2.9 billion {dollars} in losses. Six arrests had been made, which looking back was simply the tip of the iceberg.
On July thirtieth China’s Ministry of Public Safety introduced it has arrested 109 suspects tied to Plus Token.
Of the 109 arrested, 27 are “main prison suspects”. The remaining 82 are “key members” of Plus Token.
The Normal reviews the Ministry started investigating Plus Token in early 2019, roughly six months earlier than it collapsed.
Following an investigation, Chinese language police in June 2019 traveled to international locations together with Malaysia, Vietnam, Cambodia and Vanuatu, cooperating with native police forces to arrest the 27 key suspects.
In March 2020, Chinese language police detained one other 82 key members for suspected involvement within the pyramid scheme.
As per the Ministry’s investigation, Plus Token solicited $5.7 billion in cryptocurrency funds. The Ponzi scheme had two million investor accounts, tied collectively by means of three thousand upline/downline branches.
As with most investigations in China it’s unclear what’s going to occur on the cash facet of issues.
I don’t suppose I’ve seen a Chinese language investigation result in restoration for victims, so for now contemplate any funds invested into Plus Token as misplaced.