Following the arrest of 109 suspected members of the $6 billion Ponzi scheme called Plustoken, six alleged team members were charged according to a Monday court filing. The prosecutors state the people are “suspected to coordinate and lead criminal pyramid schemes.”
The Plustoken scam was a large heist that managed to gather a large number of crypto assets during the scheme’s short tenure. Essentially Plustoken was a pyramid scheme that pretended to offer high-yield returns after people deposited funds into the system.
The system promised rewards in its native token eponymous token (PLUS) and managed to gather over 200,000 BTC, 26 million EOS, and roughly 789,000 ETH. After the fraudsters racked up all the funds, they left a simple message behind and wrote: “sorry we have run.”
According to the report, 27 members were reportedly masterminds within Plustoken’s empire, which was extremely popular in China and South Korea. Following the mass arrest, a court document from China details that Zhang Qin, Liu Jianghua, Wang Yin, Chen Shaofeng, and Lu Qinghai were named in the indictment.
While BTC, EOS, and ETH were the most popular, Plustoken scammers allowed for the conversion of crypto assets like litecoin (LTC), and dogecoin (DOGE) as well. Back in May, regional reports detailed that key members of the Wotoken project (a similar scam) were indicted in Yancheng City.
Wotoken scammers are reportedly linked to the ringleaders of Plustoken Ponzi and that scheme managed to steal $1 billion in digital assets. The Wotoken scheme was not as vast as the four million members of Plustoken, but it nevertheless managed to swindle 715,000 victims.
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