2018-2019 cryptocurrency top-level pyramid scheme PlusToken, using "high yield wallet + smart dog arbitrage" as a gimmick, set a $500 entry threshold, combined with a ten-level reward mechanism to lure users to bring in new participants and lock up funds.
It also forged the illusion of endorsement by Google and Samsung to enhance credibility. Covering over 2.7 million users globally, with levels exceeding 3,200, the case involves digital currencies equivalent to over 120 billion yuan, with a large amount of assets seized, including 320,000 bitcoins.
In 2019, the platform closed withdrawals and ran away, with the police conducting international manhunts for core members. After the final review in 2020, 15 main perpetrators were sentenced to 2-11 years, with most of the illicit funds difficult to recover due to transfer and squandering, and the collapse also triggered a 30% drop in Bitcoin prices.
