Chinese authorities have reportedly arrested 109 people in connection with the Plustoken Ponzi scheme. Twenty-seven of them are allegedly the scheme’s masterminds and 82 are key members. The Plustoken scammers have swindled funds worth about $5.7 billion from more than 2 million investors.

Plustoken Scammers Arrested

Under the command of China’s Ministry of Public Security, the country’s principal police and security authority, Chinese police have taken down Plustoken, a major multinational pyramid scheme using cryptocurrencies, local news outlet CLS reported on Thursday.

The Plustoken scheme has lured in more than 2 million investors who joined on over 3,000 levels. It has swindled funds worth more than 40 billion yuan (approximately $5.7 billion) from the victims.

The police have arrested all 27 alleged masterminds and 82 key members of the scheme. “The arrest completely destroyed this huge multinational MLM organization network entrenched at home and abroad,” the publication noted.

“Based in China, Plustoken presented itself as…

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Source: https://news.bitcoin.com/chinese-police-take-down-6-billion-plustoken-ponzi-arrest-109-people/