Sunday, October 1, 2023

PlusToken Core Members Finally Got Arrested In China: Report

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A few PlusToken core members have been arrested in China as the scheme got totally demobilized according to a report from Cailian News. The report claimed over 100 people got arrested in China by the country’s Ministry of Public Security today so let’s find out more in the following cryptocurrency news today.

The report from the Chinese media outlet Cailian News claimed that the Ministry of Public Security arrested 27 criminal suspects and an additional 82 PlusToken core members of the infamous scam. The scam involved 2 million participants who managed to steal more than $2 billion in cryptocurrency making it one of the biggest Ponzi schemes the crypto industry has seen. The on-chain sleuths were tracking PlusToken funds to ensure that they were unable to cash out. Exchanges were too cautious not to let any funds from associated addresses cash out of the platforms.

The scheme scammed investors into investing in several cryptocurrencies such as ETH, BTC, and EOS and they were frequently dumping huge amounts of tokens on certain unwitting exchanges that drove the prices down along with the sentiment. If the reports are true, Bitcoin’s upside sentiment is bound to improve the major possibility of the scheme dumping tokens that are pushing the price down. The Chinese government will likely take control of the scam platform’s loot.

In the previous reports, OXT Research, a tool from Samourai Wallet, some time ago, exposed the essence of the PlusToken Bitcoin sell-off that happened in 2019. Besides a crash course in cryptocurrencies privacy issues, this new information verifies a correlational link between price actions for Bitcoin (BTC) over the previous six months. While the PlusToken scam was over at last in 2019, the on-chain data by OXT Research is still analyzed. Chainalysis performed the first forensic sweep and found out that over $2 billion in assets gathered. There was some uncertainty about their analysis methods.


Really the consequences from the first multi-billion dollar cryptocurrency Ponzi scheme are still being analyzed and calculated. Probably the most important is the correlational link between the price of Bitcoin and the off-loading procedure of PlusToken. While the concrete figures are uncertain, OXT estimates that the fraud’s “total hoard likely exceeded 1% of BTC’s total supply.”

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