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6 members charged with Fraud in China for involvement in Multi-billion Dollar Plustoken Scam

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Six alleged members of Plustokem scam were prosecuted according to the court filing submitted on Monday. Prosecutors state that the charged individuals are surmised to organise and lead the criminal pyramid scheme.

Earlier, 109 accused members were arrested for the $6 billion Ponzi scheme – Plustoken. This scheme was the biggest heist that gathered a large number of crypto assets during the tenure. Plustoken was basically a pyramid scheme that feigned high-yield returns on deposited funds by people.

The system assured reward in its native token and succeeded to collect over 26 million EOS, 200,000 BTC and almost 789,000 ETH. Once all the funds were racked up, the scammers simply left the message stating: “sorry we have run.”

Bitcoin News reported on July 31, about the arrest of 109 individuals by Chinese law enforcement, for involvement in Plustoken project. According to the report, 27 out of these 109 people were masterminds within the scheme.

Despite this mass arrests in Plustoken scam, the crypto funds have still move and people considered the Ponzi scheme is still running. Before the demise of the Plustoken scheme, it managed to attract over two million investors.

Additionally, the reports stated that the Plustoken application let people convert KRW or renminbi into digital assets like Dogecoin (DOGE) and Litecoin (LTC)- apart from BTC, EOS, and ETH.

Earlier this year, in May, a similar scam called – Wotoken project – was reported whose scammers are professedly connected with Plustoken Ponzi masterminds. That scheme succeeded to steal $1 billion by defrauding 715,000 victims.