Happy! Chinese police arrest 27 suspects in cryptocurrency Ponzi scheme

Source: Finance Magnates 2020-07-31

Chinese police have arrested 27 main suspects in connection with the Plus currency fraud case, which involved billions of dollars and was a cryptocurrency Ponzi scheme.

According to several Chinese media reports, the Chinese Ministry of Public Security carried out the arrest. In addition, another 82 core members of the scam were also arrested by senior police.

The Plus currency program has swindled about 40 billion yuan (approximately US$5.7 billion) from investors.

Although the initial estimated fraud amount was approximately US$2.9 billion, many analysts pointed out that this number is too small compared to the actual situation.

It is said that more than 2 million investors were deceived, and the Plus currency program has developed more than 3,000 levels since last year. Although most of these victims are concentrated in China and South Korea . However, the fraud scheme still has a significant impact on a global scale.

Although the Chinese police regard the recent arrests as a major achievement, they have not disclosed specific details. The public is not even clear where the authorities arrested the perpetrators. Because the 109 suspects allegedly fled China earlier.

In August 2019, Chinese law enforcement agencies arrested six people in connection with the Plus currency program, but the main suspects are still at large. The members of the fraud organization were deported from Vanuatu back to China.

Many blockchain analysts are actively tracking the stolen money from this fraud. In March of this year, Ergo revealed that 13,000 bitcoins (worth about $10.2 million at the time) associated with the Plus currency program were sent to the cryptocurrency hybrid system, and the transaction history related to them has been erased.

Ponzi scheme

Cryptocurrency transfer

Happy! Chinese police arrest 27 suspects in cryptocurrency Ponzi scheme

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