PlusToken: a 5.8 billion Ponco scheme in Bitcoin

What was now considered to be one of the largest Ponzi schemes in the world of cryptocurrencies has come to a head. PlusToken, this is the name by which it was known mainly in the Eastern world, gathered around at least 3 million users with a circulating value of something like 5.8 billion dollars.

PlusToken, Ponzi scheme based on cryptocurrencies

109 arrests (27 direct managers and 82 "key elements") put an end to the multilevel scheme launched in 2018: over 6000 wallets would have been used to fragment and hide the fruit of this mechanism, whose functioning in itself is so trivial as to make the event even more serious. PlusToken, in fact, did nothing but reiterate what each multilevel scheme proposes: infinite earnings thanks to the continuous recruitment of new affiliates, thanks to which to rise in rank in the pyramid with respect to the base and to accumulate increasingly important fortunes. 3000 hierarchical relationships registered, which clearly outlines the national and international ramification of the project.

Each entry brought new currency (Bitcoin, Ethereum, EOS) and each currency accrued new commissions. The scam is therefore not inherent in the cryptocurrencies used, but the cryptocurrencies themselves were the tool of choice to better mask the circulation of money. It was not enough: the sunset falls on this Ponzi scheme thanks to an operation by the Chinese police.

Source: Decrypt