Monday, August 3, 2020

Chinese cops take down $6b Plus Token Ponzi, arrest 109

The Plus Token scheme suckered more than 2m. It has swindled more than 40 billion yuan ($5.7 billion) from it's mostly Chinese and Korean victims. 27 masterminds were described running a "huge multinational MLM organization network entrenched at home and abroad.” In June, six people connected to the scam were arrested. However, stolen funds continued to move through wallets and be cashed out through independent OTC brokers. The scammers were still at large. Plus Token relied heavily in conferences and meetings to bring new money into the scheme.