The PlusToken wallet pyramid scheme case is the first major transnational network pyramid scheme in China using Bitcoin and other digital currencies as a trading medium.
In May 2018, Chen and others built the PlusToken platform and developed related applications, deliberately packaging the platform's image—hiring foreign students to impersonate the founders, creating the illusion of an 'international platform', while also leveraging the 'blockchain' gimmick, falsely claiming that one could achieve appreciation through intelligent arbitrage with virtual currencies.
The platform set three types of rewards—static, dynamic, and executive profits—to attract and bind investors. Static returns were based on the amount invested, promising a rebate of 6%-18% per month; dynamic returns were obtained through recruiting others, earning 100% of the static returns from the first level downline and 10% from the static returns of the second to tenth level downlines; in addition, members were categorized into five levels according to the number of downlines developed and funds, with different levels eligible for corresponding executive commission rewards. Investors were required to pay over 500 US dollars in mainstream virtual currencies to join, with rebates settled in Plus coins, which were created by the platform and have no actual value.
The platform swept across over 100 countries and regions in just over a year through online promotion and offline promotional meetings, developing over 2 million members, with hierarchical relationships reaching over 3,000 levels. The total amount of virtual currencies collected, converted to RMB at the time of the incident, exceeded 50 billion yuan, most of which was used for rebates and lavish spending by gang members.
In 2019, the platform collapsed due to a lack of substantial operational support, the funding chain became unsustainable, and withdrawals required manual review, gradually becoming impossible to cash out. After Jiangsu Yancheng police discovered clues at the beginning of the year, they established a special investigation team, and in June of the same year, apprehended 27 main overseas suspects in multiple countries, followed by the arrest of 82 key members in 2020.
The court sentenced Chen and 15 other defendants to prison terms ranging from 2 to 11 years for organizing and leading pyramid scheme activities, with the principal offender Chen sentenced to 11 years and fined 6 million yuan. After the incident, the police seized a large amount of Bitcoin, Ethereum, and other virtual currencies, with some converted into cash as restitution, although many investors' losses have not been fully recovered.
In fact, I prefer the version of myself from many years ago. He was braver than I am, had fewer regrets than I do, knew less than I do, and believed more than I do. Among all the people I have lost, the one I miss the most is myself. If the spring breeze carries the essence of lotus flowers, could I be granted the chance to be young again?
$FOLKS Market Condition: Price rejected strongly from 46.99 and made a deep pullback to 20.17. Currently trading around 26.9, still below EMA 25 & EMA 99, showing overall bearish pressure with a weak bounce.
🔴 Sell Zone (Short): • 27.8 – 29.5 (EMA resistance zone) • Confirmation: rejection or bearish candle near this area
$FOLKS #加密市场反弹 Although it has dropped from 46 to 22, a 50% decrease, the funding rate is still high. Try not to rush into shorting; the possibility of a pullback is not small. Even if it can't reach a new high, getting a slightly lower high is still acceptable!
Tether just pulled a power move. A jaw-dropping €1.1 BILLION all-cash bid to take control of Juventus FC 💰
And the response? ❌ Rejected.
Even with crypto heavyweight money on the table, Juventus’ long-time majority owners aren’t ready to give up control. Legacy power vs new-money crypto — the clash is REAL.
This isn’t just about football. It’s about influence, decentralization, and how deep crypto is pushing into traditional institutions 🌍 If Tether is knocking on the doors of elite football clubs… imagine what’s coming next 👀
Crypto isn’t asking for permission anymore. It’s making offers they can’t ignore — even if they say no (for now).
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