Summary: China’s Ministry of Public Security has arrested all 27 major criminal suspects and 82 key members of the “Plus Token” pyramid scheme, as reported by the Chinese news agency CLS on July 30. Purportedly, the Plus Token case appeared to be the first cryptocurrency-related internet Ponzi scheme that the Chinese police have ever cracked down. ...

China’s Ministry of Public Security has arrested all 27 major criminal suspects and 82 key members of the “Plus Token” pyramid scheme, as reported by the Chinese news agency CLS on July 30.

Purportedly, the Plus Token case appeared to be the first cryptocurrency-related internet Ponzi scheme that the Chinese police have ever cracked down.

The investigation started in 2019 and six alleged participants have been arrested previously.

More than 2 million people and 3000 hierarchical relations are involved in the scam. Approximately $3 billion worth of crypto was scammed in the biggest crypto fraud in history so far.

By Lily Yang