In February 2018 PlusToken released its whitepaper reporting that it is a South Korean cryptographic company that provides interest-bearing accounts earning monthly returns of 10 percent to 30 percent in the form of its native “PLUS.”
About 200,000 Bitcoins (BTC), 789,000 Ether (ETH) and 26 million Eos (EOS) from around US$ 3 million of misguided investors by 30 May 2019 were stolen in the scam.
Six of the 109 individuals recent arrested by Chinese authorities in connection with the $5.8 billion crypto Ponzi PlusToken have been charged.
The defendants Chen Shaofeng, Luu Jianghua, Lu Jianghua, Lu Qinghai, Jin Xinghai, Wang Yin, and Zhang Qin were charged by prosecutors in Xiangshui County and Yancheng City on September 7. The authorities said they were “suspected in organizing and leading criminal pyramid schemes.”
Also detained was the suspected chief of the scam in May, while six new defendants have been moved from Vanuatu to China in July 2019.