PlusToken Ponzi Goes To Jail

[bitcoinst]

Chinese authorities have arrested all 27 major suspects of PlusToken Ponzi scheme

China's Ministry of Public Security has reportedly arrested all 27 major suspects of the PlusToken Ponzi scheme that defrauded nearly $3 billion from its victims.

Several Chinese news outlets reported the news on Thursday, saying that the ministry has also arrested 82 "key members" involved in the scheme.

In August 2019, Chinese police officials confirmed to The Block that six suspects affiliated with PlusToken had been arrested, but the main suspects were still on the run at the time.

PlusToken was launched in early 2018 and was already suspected to be a pyramid scheme as early as September 2018. In June 2019, the company triggered a wide-ranging panic among Chinese and Korean investors when some users reported that they could not withdraw funds from the wallets. However, the issues were then brushed off as a "hacker attack."

PlusToken managed to collect multi-billion dollars from about 800,000 investors. Over a period of time, hundreds of millions of dollars tied to PlusToken have been moved. Just last month, nearly 790,000 ETH, worth roughly $188 million at the time, were moved.

https://www.theblockcrypto.com/linked/73412/china-arrested-suspects-of-plustoken-ponzi-scheme


It is not yet known whether the most important persons of this Scam have been arrested, but the fact that the scammers are systematically sent to prison makes me happy.

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[minairia3]

It is not yet known whether the most important persons of this Scam have been arrested, but the fact that the scammers are systematically sent to prison makes me happy.

At least those affiliated with the project have been arrested. Maybe some more will be catch on the following days. Im just wondering how about the money they used or stolen from investors, is there a chance to get it feom them? Yes they are arrested but how about those 3billion  funds from 800k people, if nothing will be return then its still hurt like nothing happened.

There is no report that some money have been returned to the investors based on the article. They should have been jailed forever for their crime.

[tycsols]

Great news, It is really good to see such people being arrested and will be trialed and punished later it will really discourage new ponzi scammers and it was high time to take action against these culprits. I think in next phase so called big leaders should also be arrested who lure innocent people into these ponzi schemes just for the sake of fast comissions.

[levyashin]

I am not sure ponzi should be crime if it is that obvious.

People know it is ponzi but think if they join it early they should got profit from other people losses. It is like a gamble. People invest this not gullible, they are greedy.

[SyndicateLabs]

Chinese authorities have arrested all 27 major suspects of PlusToken Ponzi scheme

plus 82 "key members", i.e. the to total number arrested amounts 109 scammers who managed to fool  2 millions people. I would be interested to know their nationality. They were arrested by Chinese police, so one my assume  the most of them has some roots in the area.

Perhaps the key members of this project are from China, but I think that with such a large sum of money, they have to go abroad to be safe. Hopefully there will be a detailed article about the nationality and names of these scammer, they are really talented but working in the wrong place.

[crwth]

I’m quite elated to see the people who are starting the scam and Ponzi scheme is that surrounds us in different ways are you getting arrested and being put to jail period because I don’t think to promote this type of things are suitable for the image of cryptocurrency in general because they are using cryptocurrencies as the medium for those type of payments and creating downlines and other things that relate to Ponzi scheme is period

[kindbtc]

China is leading everything at the moment, as far as i know they were against ponzi coins and other scammy schemes and that is why they initially cracked down against all coins back in 2018 i guess, they just wanted to wipe out the bad guys and it is a great initiative i think it will pave way for real growth for genuine coins and projects in the future while blocking the bad projects.

[abel1337]

I am not sure ponzi should be crime if it is that obvious.

People know it is ponzi but think if they join it early they should got profit from other people losses. It is like a gamble. People invest this not gullible, they are greedy.

Ponzi is not a crime itself but it will mostly be resulting into criminal charges when the scheme collapse. Of course, Most Ponzi schemes are all going in the same direction and maybe some investors don't know that it will turn out like that and they are just being promised by something assuring or being invited by someone who also wants to profit out from it.  Everything has risk but Ponzi schemes have the most risk at all and the owners probably run out after the program collapse.

It's good to know that something big has caught by the police in china but this is just a repeated process, I will not wonder if there's another Ponzi scheme will launch and too many investors will be scammed.

[tvplus006]

...PlusToken managed to collect multi-billion dollars from about 800,000 investors. Over a period of time, hundreds of millions of dollars tied to PlusToken have been moved. Just last month, nearly 790,000 ETH, worth roughly $188 million at the time, were moved.
It is not yet known whether the most important persons of this Scam have been arrested, but the fact that the scammers are systematically sent to prison makes me happy.

Chinese law enforcement agencies have done a lot of work to identify criminals involved in the Ponzi scheme PlusToken. But until I see that these billions of money received by scammers will not be returned to their rightful owners, the investigation of this crime must continue.

[pilosopotasyo]

Chinese authorities have arrested all 27 major suspects of PlusToken Ponzi scheme

plus 82 "key members", i.e. the to total number arrested amounts 109 scammers who managed to fool  2 millions people. I would be interested to know their nationality. They were arrested by Chinese police, so one my assume  the most of them has some roots in the area.

I hope there will be no Ponzi scheme like this anymore, it makes those who do not know much about Cryptocurrency afraid to know more about Cryptocurrency and invest but unfortunately there are still so many ponzi scheme in Dapps some of them are created using a smart contract and people should know how this things works.

[Pffrt]

That's sound good. Plustoken was a long time scam which which a lot of times crashed the market by dumping a lot of their coins. I hope the coin they are holding now will be seized.
Do anyone have any information on how much the scam are holding at the moment?

[kaseygriffin]

Chinese authorities have arrested all 27 major suspects of PlusToken Ponzi scheme

plus 82 "key members", i.e. the to total number arrested amounts 109 scammers who managed to fool  2 millions people. I would be interested to know their nationality. They were arrested by Chinese police, so one my assume  the most of them has some roots in the area.

I hope there will be no Ponzi scheme like this anymore, it makes those who do not know much about Cryptocurrency afraid to know more about Cryptocurrency and invest but unfortunately there are still so many ponzi scheme in Dapps some of them are created using a smart contract and people should know how this things works.

There will still be so many ponzi projects appearing in this market, I just hope that everyone should be alert and not be greedy with these projects. It will make them lose and lose all the money invested

[princecharles]

It beats my imagination how people could be this greedy? How can they consume billion of dollars, stolen from the labouring masses. I'm yet to understand the motivation that Scammer have in stealing from the public. Life is so transient for one to be amassing such amount. They've been caught and are jailed, those funds are lieing desolate somewhere and their freedom has been taken from them. I wish they spend the rest of their life behind bar to serve as a deterrent to other con artists and wicked swindlers.

[kingzpro]

Other countries should also learn from China and take strict actions against people behind such ponzi schemes. I know there was some action against onecoin in the past but there are dozens and dozens of such projects and the authorities should follow and investigate them so that people and their money is safe.

[semobo]

I am not sure ponzi should be crime if it is that obvious.

People know it is ponzi but think if they join it early they should got profit from other people losses. It is like a gamble. People invest this not gullible, they are greedy.

Most of the investments schemes apart from cryptos are also work as ponzi but the money involved here decides whether it will be considered as ponzi or other mild offences.But here the money looted was very huge and lot of people involved in it so it is necessary for them to be arrested or else the market will have to face more scammers.

[bhadz]

It is not yet known whether the most important persons of this Scam have been arrested, but the fact that the scammers are systematically sent to prison makes me happy.

As long as these people who were part of the scam, they should be liable because they have been part of it. Commend for the Chinese authorities for chasing them and putting them at jail.
Hopeful that the next news would say that the important suspects were also part of this arrest.

[bttmember]

There should be a way to recover the money also from these culprits either the authorities should take out liquid cash from them or recover money after selling their assets or real estate etc which they build using money from their ponzi and then complete audit should be run and money should be returned to the people according to percentage after audit. These steps will ensure safety of investor funds and the investors should also be warned to not invest in any ponzi again.

[iged_war]

its be good news fro crypto investors that be their victim. atleast now scammers must thinking twice when they want stole money from investors. police could track them and even arrested only in short term.  and now the most important about is it still possible to recover investor's fund that be victim

[Tipstar]

And it makes me wonder that people are taking such risk for easy money. They knew China is a hard place to run a ponzi and not get arrested but they did it anyway. There's ought to be other links to the ponzi as most of these Chinese operation are masterminded from outside. There are instances of Chinese scammers establishing offices outside Chinese jurisdiction to target Chinese people for scam.

[celemoore]

It's good to see the law and justice is working there. They should be hold fully responsible for their crime. Scamming and defrauding so much funds and treating people as fools. Why would people invest in such an obvious scam though..