Chinese police have taken down Plustoken, a major multinational pyramid scheme using cryptocurrencies. Since June 27, 2019, the participants of the $6 billion scam have been waiting for the withdrawal. Some of them even have accepted the collapse of the Ponzi scheme and only hope that the handling of funds after the scam busted up can bring a good result.

During bear market 2018, everyone is bearing, everyone is looking for high-yield projects, and it is also the best soil for the growth of crypto scam.

In August 2018, under great financial pressure, Li Zhu, a Chinese miner saw the introduction of the Plustoken in a group of miners. At that time, the project claimed to be the world’s second-largest crypto wallet after imtoken. It designed two income modes, static and dynamic, to give participants the imagination of high-income. In a bear market, to find a profitable project will always attract many people’s attention, so Li Zu began to try.

Nearly a year after May 2018, Plustoken has achieved rapid development. There were various risk tips from the outside world, but the rising token price and the examples of gaining profits have become the best reason for the players to persuade more novices to join the game. People think that they will not be the last one to escape. However, when the news of the difficulty in cashing came out, Li Zu didn’t realize the seriousness of the matter. Until the end of June, all the people had to believe that Plustoken has run away”.

As early as February last year, the police in Changsha, Hunan Province, investigated and dealt with a small hideout of Plustoken.

At that time, there were many media reports about the incident and caused panic in the community of Plustoken. At that time, a number of large players of Plustoken spontaneously formed a supporter group and captured almost all the right safeguard groups. They whitewash Plustoken in groups, and whenever anyone in the group questions the project, they would rail against-those who believed that Plustoken was going to run away sooner or later were silent.

Although the Plustoken has been busted up, in the next year, the negative impact of the project has not dissipated.

According to the Chinese police, over 2 million people were involved in the scam, and the total value of digital currency involved in the case exceeded 40 billion Chinese yuan. Before the disclosure of this figure, according to the statistics of security companies, at that time, the cumulative number of bitcoin flowing into the wallet address of the scam had exceeded 200000, while that of Ethereum was over one million.