27 key creators of SCAM PlusToken were arrested

The story of PlusToken, one of the biggest scams in the cryptocurrency industry, takes another turn as dozens of new suspects have been arrested in this case.

According to the report of the local industry publication ChainNews on July 30, as many as 27 main members of the PlusToken team were arrested by the Chinese police,

According to the report, the total amount of losses incurred by investors as a result of PlusToken is estimated at 40 billion Chinese yuan, or $ 5.7 billion.

The report also mentioned that investigators also arrested a further 82 major members of the program, but they played a less prominent role throughout the venture.

Dovey Wan, founder of the blockchain investment firm Primitive Ventures, tweeted that the owner key is already destroyed, so technically he won't be able to commit a fraud.

"I sincerely hope this attempt can be a good learning experience for the Chinese community to start an effective DAO [Decentralized Autonomous Organization], bottom-up management, a real movement from the people that is for the people."

The PlusToken program has become one of the biggest scams in cryptocurrency history. Initially, the project was presented as a South Korean stock exchange offering high returns for investors. Ultimately, the entire operation was exposed as a scam after several million participants noted that they were unable to withdraw their investment.