End of Dumping Crisis? All members of the cross-border Ponzi scheme "Plus Token" arrested by the Chinese Ministry of Public Security

One of the globally famous Ponzi schemes that originated in China, "Plus Token," has finally come to an end. According to sources, including the main suspect and key members, have been arrested and brought to justice by the Chinese Ministry of Public Security.

According to a report from China's financial media Caixin, the Chinese Ministry of Public Security had previously unified command and deployed investigations into the fund pyramid scheme "Plus Token." It is reported that all 27 main suspects who had fled abroad along with 82 key members have been arrested and brought back.

The report stated, "This is the first multinational network marketing case cracked by the Ministry of Public Security using virtual currency as a medium, completely destroying this large multinational network marketing organization operating inside and outside the country, involving more than 2 million participants, with a hierarchical relationship of over 3,000 layers, and the total value of the digital currency involved exceeds 40 billion yuan."

Prior to this, there were special reports on Ponzi schemes similar to "Plus Token." PlusToken was launched in 2018 in the bear market of the cryptocurrency market. Even without recommending referrals, investors received a monthly dividend of 10%. Although it only lasted a little over a year, it attracted an astonishing amount of funds, making profits exceeding 2 billion globally, with foreign media reporting its total funds exceeding 3 billion US dollars.

The amount of fraud in PlusToken is considered a top-tier Ponzi scheme. Even before the main suspect was captured, some members continued to convert the embezzled funds into other cryptocurrencies using mixers and more advanced strategies. According to Chainalysis's report, at least 20,000 bitcoins have yet to be cashed out.

Although it is claimed that all members have been arrested, due to the excessively large victim system and the fact that this is a multinational fund scheme, the hardest part is that Bitcoin has anti-audit characteristics. If the fraudulent members refuse to surrender their private keys, the chances of victims recovering their defrauded funds are almost negligible.