The Chinese authorities have arrested 109 members of the infamous PlusToken project. Of the total number of arrested, 27 were allegedly part of the so-called “core” project team and fled abroad. The other 82 were key members of the fraudulent group.
The arrest put an end to one of the largest scams in the cryptocurrency industry, which has been hiding from the authorities since 2019. PlusToken has managed to defraud investors worth billions of dollars in various cryptocurrencies. More than 2 million participants became victims of the fraudulent scheme, and the total value of digital currencies exceeded 40 bln yuan, which amounted to $5.8 bln. The operators of the now defunct multi level marketing (MLM) scheme are believed to have spied on gullible investors, promising them hefty payouts for their token investments.
Image courtesy of MyCrypter