$3 Billion Chinese Ponzi Scheme is Dumping BTC on Major Exchanges

The selling pressure created in the crypto market in recent days might have triggered due to the dumping of hundreds of Bitcoin on exchanges by Chinese crypto Ponzi scheme Plus Token.

Pointed out by Dovey Wan, founding partner of blockchain-based investment company Primitive Ventures, on August 14, the wallets related to the scheme have been active and transferred funds to major exchanges like Huobi, Bitrex, and Binance.

Launched in mid-May 2018, PlusToken assured 6 to 18 percent monthly interest on deposited cryptocurrencies and similar to a classic Ponzi scheme, it showcased four-tire memberships.

By early 2019, the project claimed that it received funds from 10 million investors. According to Wan, the project gathered around $3 billion in funds. Read More at FinanceMagnates...

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