27 key creators of the PlusToken SCAM 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 the case.

According to a report by the local industry publication ChainNews on July 30, as many as 27 of the 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 mentions that investigators also arrested another 82 core members of the program, but they played a less prominent role in the overall endeavor.

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

"I sincerely hope that this trial 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 the history of cryptocurrencies. Initially, the project was presented as a South Korean stock exchange offering high returns to investors. Eventually, the entire operation was exposed as a scam after several million participants saw that they were unable to withdraw their investment.