Bitcoin
$47,153.74-0.45%
Ethereum
$3,393.83-4.05%
XRP
$1.07-1.16%
Cardano
$2.35-1.98%
Polkadot
$33.45-3.29%
Stellar
$0.318887-2.09%
Dogecoin
$0.240756+1.57%
Chainlink
$27.92-5.06%
Uniswap
$24.47-5.64%
Polygon
$1.41+2.89%
Litecoin
$180.08-1.86%
Bitcoin Cash
$622.50-1.80%
Algorand
$1.94-4.95%
Wrapped Bitcoin
$47,181.25-0.46%
Filecoin
$85.15+2.44%
Cosmos
$33.85-2.35%
The Graph
$0.821221-3.24%
Tron
$0.104669-8.64%
Ethereum Classic
$56.63-1.23%
Aave
$361.82-4.50%
Tezos
$6.14-7.71%
EOS
$5.31+7.20%
NEO
$48.67-2.45%
Monero
$260.10-0.75%
IOTA
$1.63+8.97%
BitTorrent
$0.003913-2.37%
Bitcoin SV
$156.49+0.27%
Waves
$28.99-4.66%
Maker
$2,781.88-6.09%
Dash
$198.89-3.45%
Decred
$146.41+5.00%
Decentraland
$0.816297-2.36%
ICON
$1.90-6.06%
NEM
$0.182298-2.56%
Zcash
$134.02-1.13%
Qtum
$12.46-0.98%
NuCypher
$0.327757+0.85%
Bitcoin Gold
$65.80-3.22%
Yearn Finance
$33,257.39-3.79%
OmiseGO
$8.38-3.18%
Basic Attention Token
$0.747000-2.61%
0x
$1.07-5.10%
Paxos Standard
$1.00+1.01%
Fetch.ai
$0.847493-6.28%
Ren
$0.944489-4.28%
Bancor
$4.03-3.16%
Band Protocol
$9.10-5.82%
Kava.io
$6.13-2.30%
Siacoin
$0.018148-2.68%
Nano
$5.36-4.64%
Loopring
$0.456791-1.48%
Storj
$1.37-2.59%
Civic
$0.547475+5.14%
Lisk
$3.54-1.20%
Numeraire
$42.95-4.47%
Orchid
$0.360579-2.85%
PAX Gold
$1,762.59+0.01%
Augur
$25.97-0.76%
Aragon
$5.79-3.00%
Enzyme
$112.45-5.29%
district0x
$0.171277-3.23%
Kyber Network
$1.82-0.99%
SingularDTV
$0.001532+44.65%
Tether
$1.00+0.02%
USD Coin
$1.00+0.06%
Dai
$1.00+0.04%

Ringleaders of PlusToken Scam Jailed for Up to 11 Years

Fourteen operators of the giant PlusToken scam have been sentenced in China to up to 11 years in prison.

Dec 1, 2020 at 1:15 p.m. UTC
Updated Sep 14, 2021 at 10:36 a.m. UTC

The top operators of the giant PlusToken scam are heading to prison after being found guilty of defrauding investors out of 14.8 billion yuan ($2.25 billion) worth of cryptocurrency in the eastern province of Jiangsu, China.

  • According to a report from the South China Morning Post on Tuesday, leader Chen Bo set up PlusToken as a blockchain project in 2018 and attracted millions of people with promises of high returns on investment. They were also required to pay membership fees in cryptocurrencies. 
  • As previously reported, all of PlusToken's 27 alleged masterminds were arrested this summer, along with another 82 core members who were hiding in Cambodia, Vanuatu, Vietnam and Malaysia.
  • According to today's report, Chen used social media and offline events to recruit members.
  • In January 2019, Chen and his team fled to Cambodia to continue the PlusToken scam. Chen cashed out an estimated 127 million yuan ($19.32 million) to buy properties and luxury cars. 
  • The Yancheng, Jiangsu, court handed Bo and 13 other operators prison terms of two and 11 years, with fines ranging from 120,000 yuan ($18,000) to 6 million yuan ($900,000).
  • Billions in cryptocurrency collected by the fraud were also seized by authorities. A recent court document suggested the total value of the assets may have been as high as $4 billion.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...