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$3,5 bln Bitcoin Ponzi scheme Plus Token pressures the markets

Aug 15 2019
By
Jonathan Smith

The fraudsters behind the China based Ponzi scheme Plus Token are dumping bitcoins worth over 3.5 billion USD on exchanges around the globe, and that is creating a selling pressure on the markets, venture capitalist Dovey Wan warns.

 

Dovey Wan is trying to rise awareness of the the “critical” matter “before it’s too late”. 

 

“This critical incident has been overlooked by the western community and will need all hands on deck to chase the scammed fund and freeze it before it’s too late”, Wan said on Twitter. 

 

If Wan is right that would explain the recent selling pressure that has send Bitcoin below  the psychological level of 10 000 USD. 

 

According to Wan, Plus Token still holds major portions of the stolen crypto coins and now attempts to sell and launder them on crypto exchanges including Huobi, Bittrex and Binance by splitting the sum between a number of wallets not officially associated with the company. Wan believes the sell off started in the first days of July. 

 

Plus Token started their scheme in June 2018 with a profit sharing crypto currency wallet that promised users a monthly interest of between 6% and 18% on all deposited coins, copying the tactics of the old BitConnect Ponzi scheme.

 

On June 27th 2019 many Plus Token Wallet users in China, South Korea and Japan, said to be unable to withdraw their assets.

 

Latter the Chinese authorities arrested 6 Chinese citizens in Vanuatu, allegedly in connection to the scheme.

TAGS: Bitcoin  Ponzi scheme  Plus Token  China 
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