Plustoken scammers that made $6 billion-plus through a Ponzi scheme after their arrest have been charged to court in China. The most talked-about crypto Twitter hack got just $121,000 compared to Plustoken scammers.
Previously, 109 suspects linked to the Plustoken scam were arrested. 6 of them have faced prosecution, a court filing revealed.
The Plustoken scam marked as the largest heist in crypto history. During the Ponzi short scheme tenure, it garnered a large number of crypto assets. The Plustoken pyramid scheme pretended to offer high-yield returns after people deposited funds into the system.
The Ponzi was to give reward in its native token eponymous token (PLUS) after gathering more than 200,000 BTC. The scammers made 26 million EOS and over 789,000 ETH.
After making this entire amount, the scammers left a simple message that read, “sorry, we have run.”
However, report of their arrest went viral towards the end of July. Chinese law enforcement made the arrest. They nabbed 109 suspects linked to the massive Plustoken project.
Reportedly, 27 of the suspects were masterminds within Plustoken’s empire. The Ponzi was extremely popular in China and South Korea.
After their arrest, a court document from China detailed that Zhang Qin, Liu Jianghua, Wang Yin, Chen Shaofeng, and Lu Qinghai were named in the indictment.
The formal charges originated from Xiangshui County and Yancheng City. Prosecutors say the six defendants are “suspected in organizing and leading criminal pyramid schemes.”
Plustoken Kingpins still on the loose
However, even after the arrest, funds from the scam have not been recovered. Other kingpins linked to the scam are on the run. During the scheme’s height before its demise, Plustoken attracted over two million investors.
While in operation, the plustoken application enabled easy conversion of KRW or renminbi into a myriad of digital assets.
Although conversion to BTC, ETH and EOS were most popular, conversion into other assets like LTC, DODGE was available
Similar scam project operated in China
In May, reports of major Wowtoken project similar to Plustoken went viral after their arrest in Yancheng City.
Believably, both scammers are allies, however, Wowtoken managed to rake $1 billion in digital assets.
Wotoken was not a big project like Plustoken’s and its four million members. However, they were able to defraud 715,000 victims.