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27 PlusToken Scammers Cornered and Arrested by Chinese Authority

plustoken

PlusToken, the biggest cryptocurrency scam in history so far has come to an end as 27 on-the-run core members and 82 conspirators have been arrested by Chinese police.

Chainnews media outlet reported on 30 July that the Chinese special task force has managed to track down and arrest all the core members and conspirators involved in the case.

The PlusToken scam had more than 2 million participants at its peak as it spread across China, South Korea, Japan, and Southeast Asia nations. The scam took off initially as the firm marketed itself as a South Korean-based crypto exchange, where it offered higher than usual returns for cryptocurrency deposits on the website.

It has been estimated that more than 40 billion yuan or 5.7 billion US dollars were lost to the scammers when the fraudulent exchange decided to pull off an exit scam.

Previously in 2019, the scammers attempted to unload more than 200,000 stolen Bitcoin onto the market. The fear of the massive amount of Bitcoin being sold in the open market has stirred up FUD among crypto investors throughout 2019 and 2020, which was seen as the main culprit that made Bitcoin plunge under $10K several times.

However, it is still unclear if there are more key members of the scam still on the run and what has happened to the remainder of the stolen crypto funds. 

You may also want to read: New Bitcoin Scam Targets Thai by Impersonating Chang Beer Tycoon

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