PlusToken: A Brief History of One of the Biggest Crypto Scams Ever!

                                         image: cryptoworldnews

For those that need a refresher, here’s one: over the course of approximately a year, scammers largely focused in Asia managed to garner billions of dollars of Bitcoin, Ethereum, EOS, and XRP, and other cryptocurrencies.

The scammers operated a “wallet” called PlusToken, which promised users high returns on their deposits. The wallet naturally featured a system of incentives that created a pyramid of users.

A transaction from a wallet of a ringleader with the message “we have run” cemented the collapse of the scheme in the middle of 2019.

Fortunately, the law caught up with PlusToken, with it being revealed shortly after they “ran” that the authorities had caught up with six of the ringleaders. Reports said at the time that the PlusToken operators were arrested in Vanuatu.

Yet Dovey Wan, a partner at Primitive Ventures, was quick to point out that the saga was not over. She found out at the time that addresses affiliated with the scam were still transacting millions of dollars worth of Bitcoin, selling it slowly via exchanges by obfuscating the origin of the funds.

Analyses found that the hundreds of millions worth of cryptocurrency sold by the remaining scammers over many months depressed Bitcoin’s price.

And unfortunately, blockchain data shows that PlusToken still owns millions worth of cryptocurrency.