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PlusToken fraudsters in the second ten-digit Chinese Ponzi scheme

May 17, 2020

L.Wotoken fraud cost about $ 1 billion in cryptocurrency at current prices of more than 715,000 victims.

One of the main culprits of the scam is said to be linked to PlusToken, a million dollar Ponzi program that is believed to have influenced Bitcoin’s price history (BTC) multiple times throughout 2019.

The second ten-digit Chinese Ponzi program was caught

Chinese media broadcaster Qianba reported earlier today that the Wotoken “Super Large MLM Network” case was released for trial in Yancheng City on May 14.

PlusToken fraudsters in the second ten-digit Chinese Ponzi scheme
PlusToken fraudsters in the second ten-digit Chinese Ponzi scheme

The scam claimed to generate benefits for users through the use of algorithmic trading robotsand offers brokerage commissions for affiliates. As with most MLM scams The advertised trading software did not exist.

Total, 715,249 registered users fell for the scamAs a result, Wotoken accumulates 46,000 BTC, over 2 million Ethereum (ETH), 292,000 Litecoin (LTC), 56,000 Bitcoin Cash (BCH) and 684.00 Eos (EOS). At the time of the arrest, it was worth nearly $ 1 billion.

Wotoken was active from July 2018 to October 2019.

A wotoken agent associated with PlusToken

Six defendants were brought to justice for dealing with Wotoken, including a person connected to the infamous Ponzi PlusToken program.

All six defendants pleaded guilty and the court recommended prison terms between six months and eleven years.

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