The Plustoken scam is remembered as one of the most relevant incidents in cryptocurrency fraud and related information continues to emerge today. After the arrest of 109 individuals accused of participating in this Ponzi scheme, it has been announced that six of those arrested were identified as the organizers of the scam. Plustoken was a fraudulent scheme with which criminals earned more than $6 billion.
The perpetrators of the scam managed to gather a lot of virtual assets in a short time, employing a pyramid scheme that offered a very high return to investors through PLUS, their own virtual token. The cybercriminals managed to gather more than 200 thousand Bitcoin, 26 million units of EOS and almost 800 thousand ETH.
In a show of shamelessness, the criminals mentioned the victims: “Sorry, we’ve run.”
In late July, a cryptocurrency news portal reported that Chinese authorities have arrested more than 100 people linked to the Plustoken scam; according to the report, at least 27 of the arrested individuals could have been involved in the planning of the scam.
Prosecutors say the defendants include six individuals singled out as the “master minds” behind the Ponzi scam. Despite the mass arrest the problem is far from over, as authorities identified that the virtual assets compromised in the scam continue to move between different trading platforms, which makes you think that some of the scam leaders remain fugitive.
Although scammers were looking for the most popular cryptocurrencies, other less recognized options such as Litecoin (LTC) and Dogecoin were also accepted.
Another incident allegedly related to Plustoken was investigated a few months ago, when Wotoken cryptocurrency traders were discovered offering PLUS-like yields only to steal more than $1 million USD in cryptocurrency from thousands of unsuspecting users.
He is a cyber security and malware researcher. He studied Computer Science at Miami and started working as a cyber security analyst in 2008. He is actively working as an cyber security investigator. He also worked for security companies like Cisco. His everyday job includes researching about new cyber security incidents. Also he has deep level of knowledge in enterprise security implementation.