PlusToken started in 2018 as a cryptocurrency wallet and investment platform. It promised users very high profits if they invested their Bitcoin, Ethereum, and other cryptocurrencies. The company also used a referral system, where people earned rewards for inviting friends to join. This made PlusToken very popular, especially in China and South Korea, and millions of people joined, hoping to make quick money.
However, by 2019, PlusToken collapsed, and it turned out to be a Ponzi scheme. Instead of investing the money, the scammers used funds from new investors to pay fake profits to older ones. Once they collected enough, the scammers disappeared, stealing around $2 to $3 billion worth of cryptocurrency. Many people lost their savings, and the scam caused fear in the crypto market. Although some of the leaders were arrested, much of the stolen money was never recovered, making PlusToken one of the largest crypto scams ever.
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