Multi Million Dollar Ponzi Scheme Accused of Lowering Bitcoin Price

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A multi-million dollar Ponzi scheme is allegedly accused of lowering bitcoin prices as it dumps a great number of bitcoin.

The scam which is nearly close to $3 billion was brought to light by Dovey Wan who is the founding partner of Primitive Crypto, which is a blockchain investment firm, reported news portal CoinGeek.

The alleged Ponzi scheme known as PlusToken has nearly duped 10 million investors who have made investments close to $3 billion. Wan, in a Twitter thread said, “PlusToken started in mid 2018, was a pure ponzi with a wallet front with offers “high yield investment return”. It has 4 layers of membership structure, each will get diff % of rebate. In early 2019, it claimed its membership has over 10M.”

Attaching addresses that without doubt, showed the guilt, she added, “Above addresses are only the known ones, according to police report the total scammed amount is about $3B. The core team member were chased down by police 2 months ago and will be in jail for decades. However, the cryptocurrency they scammed is not able to be crawled back.”

She revealed that most of the addresses start with P2SH which are commonly used for muti-sig, and since most likely, some people holding the keys are not being caught. hence police can’t unlock the wallet. For EOS/ETH wallet can be a different case but so far, the police was not able to touch any of those.

Wan said, “GUYS, this is really fucking nuts. And YES they are moving their funds into small batches into exchanges, like 50-100BTC per batch I highly recommend  @peckshield and @chainalysis @jony_levin take a deeper look and try to see whether they are moving more funds into exchanges.”

While Ponzi schemes so far have been mostly contained in the United States of America, India, and others, this appears to be a first from China (that we know of).

In June, the Universal Church of the Kingdom of God (IURD by its Spanish acronym or UCKG in english) was linked with AirBit Global, an organization that has been labeled as a Crypto Ponzi scheme upon which there are several complaints.

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