The main character involved in the Plus Token scam is facing legal prosecution in China. It is considered as one of the biggest scams in the history of cryptocurrency.
Scammer: Zhou Moumou
The Chinese legal authorities have started criminal prosecution against the one who was a leading leader in scamming people’s digital assets. According to the report covered by local media, the criminal Zhou Moumou will face legal prosecution in the “Court of Jianhu County, Yancheng City, Jiangsu Province.”
Per the report, Zhou promoted the wallet application titled “Plus Token” and publicized it as the crypto management app on various internet platforms such as Wechat and others. In this way, he convinced more than 1.9 million individuals who registered via the application.
Pyramid Ponzi Scheme
The authorities called it a pyramid Ponzi scheme that scammed nearly two million people at a time. The report said,”After investigation, the “Plus Token” Wallet App is a digital currency financial management, which forms a hierarchy in a certain order, directly or indirectly based on the number of developers and the amount of investment as a basis for remuneration, to induce participants to continue to develop others to participate in, fraudulently obtain property , MLM organizations that disrupt the economic order.”
Also read:“Relevant personnel used the “Plus Token” wallet App, under the banner of blockchain digital currency wallet and other banners, to engage in the crime of pulling pyramids to carry out pyramid schemes. They have been suspected of organizing and leading pyramid scheme activities,” the report added.
The local police say that they have got complaints about this scam from the public at the start of the year. They go on to unveil that the platform asks people to submit digital assets to a earn high return on that assets as it has the “function of mining cryptos”.
Recently, it is reported that the Chinese police have detained six different people who are reportedly involved in the Plus Token project. According to an estimation, the scam could be large as $2.9 billion.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.