Bitcoin could be dumped in the billions from history’s third largest Ponzi

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The third largest Ponzi scam in history, Plus Token Wallet, allegedly scammed investors out of $3 billion in cryptocurrency. Over $2.1 billion of this is in Bitcoin. As the perpetrators make their exit these coins could flood the market and tank prices.

Plus Token Wallet was a mobile application promoted across China, South Korea, and Southeast Asia that promised outlandish 6 to 18 percent monthly returns. These returns, the project claims, were made via cryptocurrency arbitrage, trading, and mining—similar to claims made by coins like BitConnect. People were encouraged to recruit people under them in a multi-level marketing (MLM) structure employed by businesses such as Amway, Avon, and Mary Kay.

The main difference with Amway, however, is that Plus Token didn’t really sell products or services. Their revenues were made exclusively from the $500 minimum investment from participating in the app and additional ‘investments’ made in Bitcoin, Ethereum, EOS, and other coins exchanged for supposedly interest-generating PlusTokens. More precisely, the app made money by paying old investors with money from new investors—the hallmark of a Ponzi.

Source: https://cryptoslate.com/bitcoin-dumped-b...est-ponzi/

What do you think? It really sucks for the people who have invested using their scam wallet.

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poor guys who invested

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CHINESE NIGGAS AT IT AGAIN