On November 26, the Intermediate People's Court of Yancheng City, Jiangsu Province issued the second-instance verdict of PlusToken, the "first fund in the currency circle".
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Plustoken defrauds tens of billions of old wine in new bottles
In May 2018, wearing "Asia's first STO exchange", "multifunctional cross-chain decentralized wallet", "smart dog moving bricks" (that is, arbitrage transactions on different exchanges at the same time to earn the difference), " Plustoken of all hot labels in the blockchain field such as "platform currency", "currency loan", "global digital currency payment function", "blockchain game", "computing power mining" was born.
Relying on promotional slogans such as "coin king", "thousand times currency", "82 times increase in 8 months", Plustoken has attracted batches of investors in a short period of time. According to the above judgment, in just one year, the Plustoken platform recorded a total of nearly 2.7 million registered member accounts (after removing duplicate ID card accounts), and the maximum level reached 3293 levels.
Plustoken expands through the most common pyramid scheme mode in financial fraud, that is, the organizer requires the developed personnel to pay a certain fee to obtain the qualification to join the illegal act of obtaining wealth. Its essence is a "Ponzi scheme". Simply put , It is to use the money of the latecomers to distribute the income of the previous people.
Participants first register the platform member account through the "invitation code", pay digital currency worth more than 500 US dollars as the threshold, and open the "smart dog" to obtain platform benefits. These "invitation codes" are directly linked to the referrer's income.
An explanatory video on the level explanation released by Plustoken fully reflects the nature of its pyramid scheme. Plustoken accounts are divided into four levels: big account, big coffee, big god, and founder. Downline mode to increase your own income, the more downlines you develop, the higher your income.) In addition, you can also get additional rebates by level.
Big households can get an additional 5% rebate, big coffees get 10%, big gods get 15%, and founders can get an extra monthly bonus + year-end bonus from the platform. In addition, if the 10th floor under the umbrella opens the total When the market value reaches 200,000 US dollars, you can get 100% of the direct push. To become a big account, you need to directly recommend 10 people to be effective and successfully activate the smart dog; a big coffee needs to directly recommend more than 10 people, and have three big accounts; a big god needs to directly recommend more than 10 people, three of whom are big coffee; There are at least three great gods under his name.
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15 billion funds collapsed OTC became an important channel for deposit and withdrawal
On June 27, 2019, the Plustoken wallet was unable to withdraw cash. During this period, the Plustoken official did not issue an announcement to explain this situation.
After the outage of Plustoken, some people who still believed in Plustoken defended it in their community, which also bought time for the vested interests to transfer assets. On June 28, the wallet address of the platform continued to receive digital currency worth about 150 million yuan.
After investigation, in addition to paying relevant platform promotion fees and staff expenses in digital currency, the relevant suspects cashed in digital currency to purchase more than 10 sets of real estate and a number of luxury cars.
According to the tracking of CoinHolmes under PeckShield, OTC is the main deposit channel of Plustoken, and more than 95% of investors buy digital currency through OTC channel and then transfer it to the Plustoken address.
CoinHolmes has continuously monitored and analyzed these illegal addresses, combined with more than 200 million existing address tags, and found in the tracking that OTC is also an important channel for withdrawing funds. Some PlusToken BTC assets are mixed through tools like ChipMixer, and then sold through off-site OTC channels. In order to avoid asset tracking and the freezing of the exchange, the runners continued to set up obstacles, and adopted the method of asset multi-layer transfer segmentation-obfuscation-over-the-counter OTC selling to launder coins.
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The incidents of fraudulent carrying money under the guise of the concept of "blockchain" are increasing year by year. For example, in March 2018, the "LCC Light Cone Coin" case was cracked by the police in Datong, Shanxi; Huizhong blockchain commercial project, IAC blockchain, U-dimensional blockchain... At present, from the perspective of Plustoken, my country still adopts confiscated income for the illegal proceeds of pyramid schemes mixed with digital currency to recover according to law and turn it over to the state treasury way of handling.
