PlusToken was a cryptocurrency Ponzi scheme targeting Chinese and South Korean investors. PlusToken offered users of its cryptocurrency wallet monthly payments in the form of Plus tokens. The PlusToken fraudsters have defrauded investors for over $3 billion. It is speculated that the large selling of Bitcoin by PlusToken has caused Bitcoin to drop in price.
The fraudsters have sold 22,000 Bitcoins. Plustoken used coin join services and Bitcoin mixers to obfuscate the transaction history of their coins. This cover-up was necessary so that they could sell their Bitcoins on exchanges. Most major cryptocurrency exchanges have strict KYC/AML checks which they wanted to avoid.
Methodology
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