THELOGICALINDIAN - In 2024 the apple was captivated by account of a Chinesebased crypto Ponzi arrangement alleged PlusToken
The ringleaders of this arrangement defrauded biting investors out of billions of dollars’ account of crypto.
The auction of these fraudulently acquired tokens was abundantly anticipation to accept placed immense burden on the crypto market, actuality allotment of the acumen why Ethereum, Bitcoin, and added agenda assets all saw capitulatory declines from their mid-2024 highs.
It now appears that addition Chinese-based Ponzi arrangement additionally blanket a massive bulk of crypto from investors in 2018 and 2019.
According to reports, the arrangement had added than 715,000 registered users, cartoon a absolute of 46,000 Bitcoin and over 2 actor Ethereum.
If history repeats itself and the leaders of this arrangement activate offloading their crypto backing assimilate the accessible market, it could abode some cogent downwards burden on BTC and abounding added cryptocurrencies.
WOTOKEN Ponzi Scheme Garners More Than $1 Billion Worth of Crypto from Investors
Following Bitcoin’s aciculate acceleration to highs of $14,000 in 2019, the PlusToken Ponzi scheme began offloading their illicitly acquired crypto on Huobi – agreement a massive bulk of affairs burden on the market.
It is estimated that the scammers blanket a absolute of 200,000 BTC from investors, which they again proceeded to advertise on the accessible bazaar rather than attempting to use OTC orders.
Dovey Wan – a founding accomplice at Primitive Crypto – explained in a contempo cheep that addition Ponzi arrangement agnate to PlusToken additionally scammed investors throughout a massive bulk of crypto.
According to Wan, the betray was alive from July of 2024 to October of 2024.
In total, they blanket a absolute of $1 billion from investors.
“WOW addition mega-size crypto Ponzi WOTOKEN aloof additional to PlusToken gets clamped bottomward by Chinese badge and by account the cloister cardinal actual actuality are some eyes whopping data. TLDR: alive July 2024 to October 2024, WoToken scammed absolute over **1 BILLION USD**”
WOW addition mega-size crypto Ponzi WOTOKEN aloof additional to PlusToken gets clamped bottomward by Chinese badge and by account the cloister cardinal actual actuality are some eyes whopping data
TLDR
active July 2018 to October 2019, WoToken scammed absolute over **1 BILLION USD**
— Dovey 以德服人 Wan ?? (@DoveyWan) May 16, 2020
WOTOKEN’s BTC Holdings Could Place Pressure on the Market
It’s cryptic as to whether or not the WOTOKEN ringleaders are currently – or accept ahead – bazaar sold any of their crypto.
That actuality said, Wan additionally notes that they acquired over 46,000 BTC and 2 actor ETH.
“Total registered users: 715,249: Absolute hierarchical levels: 501. Absolute scammed crypto: 46,000 Bitcoin – 2.039 actor ETH – 292,000 Litecoin – 56,000 Bcash – 684,000 EOS. According to the amount on the day badge involved, absolute amount is added than 7.769 billion yuan ($1B USD).”
If this crypto does acquisition its way assimilate the accessible market, it could bolster addition selloff.
