Six of the 109 people recently arrested by Chinese authorities in connection with the $ 5.8 billion PlusToken cryptocurrency Ponzi program have been charged.
Chen Shaofeng, Luu Jianghua, Lu Jianghua, Lu Qinghai, Jin Xinghai, Wang Yin, and Zhang Qin were tried by prosecutors in Xiangshui County and Yancheng City on September 7th.. Authorities said they were “suspected of organizing and running the criminal pyramid scheme”.
109 people suspected of being involved in PlusToken were arrested in late July, including 27 people believed to be the executives of the fraud and 82 “key” promoters.
The accused ringleader of the program was also arrested in May, while six other suspects were extradited from Vanuatu to China in July 2019.
PlusToken published its whitepaper in February 2018, claiming to be a South Korean cryptocurrency exchange offering interest-bearing accounts that generate returns of between 10% and 30% per month in the form of its native “PLUS” token.
The scam received more than 200,000 Bitcoins (BTC), 789,000 Ethers (ETH) and 26 million Eos (EOS) of approximately $ 3 million from unsuspecting investors as of May 30, 2019.
Chinese police became involved after PlusToken users found they could no longer access their funds in June. There appears to have been no major movements of PlusToken funds since the most recent arrests. The last known transfers from PlusToken wallets took place at the end of June.