A new piece of information today has likely spelled an endpoint for the massive dumping of tokens from PlusToken scam. The case of PlusToken might be finally over, as Chinese authorities have arrested core team members behind one of the biggest multinational network pyramid schemes. Reportedly, billions of dollars were lost to the scam.
China arrests 82 PlusToken core team members
As reported by a Chinese news outlet, Caixian News Agency, about a hundred of PlusToken core team members were arrested today in China. This is coming after the country’s Ministry of Public Security was led to open a new case to investigate the billion-dollar network pyramid scheme.
As a result of the investigation, about 82 PlusToken core team members, and 27 criminal suspects were arrested, according to the report. The information today may come as a relief to some concerned Bitcoin and cryptocurrency investors. Previously, there were speculations that PlusToken scammer dumped massive amounts of Bitcoins to affect the cryptocurrency’s price.
PlusToken began operating as a high-yield investment program, which only proved to be a scam in 2019. Precisely in June, the operators closed down the platform, leaving messages for its users, which notes, “sorry we have run.” About 2 million PlusToken investors were affected, and PlusToken scammers made away with over $3 billion.
If not the largest, PlusToken scam is among the biggest ever noted in the cryptocurrency industry. Another case against PlusToken scammers spurred as they began dumping massive amounts of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), EOS, and more, on several crypto exchanges.
Speculations held that the scammers intentionally made these strange transfers to impact the price of that particular cryptocurrency. For instance, large dumps of Bitcoin by the scammers reportedly decrease Bitcoin price and also deteriorate its price sentiments.
However, it is hoped that the Bitcoin’s upside sentiment will improve as the chances of seeing a huge Bitcoin dump may reduce amid the arrest of the PlusToken members.