PlusToken is one of the largest cryptocurrency Ponzi schemes in history, leaving thousands of investors defrauded of billions of dollars.
PlusToken emerged in mid-2018, primarily targeting investors in China and other Asian countries. The scheme promised high returns on investments made into its platform, which purported to be a cryptocurrency wallet and exchange. PlusToken claimed to generate profits through various trading activities and offered lucrative bonuses to those who recruited new members.
The scheme quickly gained popularity, attracting a large number of investors who were enticed by the promise of significant returns. PlusToken's operators aggressively promoted the platform through social media channels and organized events to attract new investors.
As more investors poured money into PlusToken, the scheme appeared to be thriving, and many participants reported receiving returns on their investments. However, behind the scenes, PlusToken was operating as a classic Ponzi scheme, using funds from new investors to pay returns to earlier investors while siphoning off a portion of the money for the scheme's operators.
By mid-2019, concerns began to emerge about the legitimacy of PlusToken, with reports of delayed withdrawals and suspicious activity on the platform. In June 2019, Chinese authorities launched an investigation into PlusToken and arrested several individuals associated with the scheme. However, by that time, PlusToken's operators had already disappeared with billions of dollars' worth of cryptocurrency.
The collapse of PlusToken resulted in significant losses for investors, with estimates suggesting that the scheme defrauded participants of more than $2 billion worth of various cryptocurrencies, including Bitcoin, Ethereum, and others.
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