What Happened To The PlusToken Ponzi Scheme?- Nate Maddrey Tweets

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Nate Maddrey, a researcher from New York and also the author at Coin Metrics, brought the topic of the PlusToken Ponzi scheme.
  • The Scheme made promises that they will be giving monthly returns of 9% to 18% of the investment made, and higher stakes awarded even better benefits.
  • Huobi is a Singapore based cryptocurrency exchange platform that claims to be the best place for the trading of the crypto assets.

Recently on 21st January, Nate Maddrey, a researcher from New York and also the author at Coin Metrics, brought the topic of the PlusToken Ponzi scheme. In his tweet, he mentions that the Scheme had several Bitcoins “invested” in it over 2018 and 2019.

The scam, which started as early as July 2018, had stopped accepting payments from investors who wanted to invest in it on 30th June 2019, without any prior information. They publicly said that “sorry we have to run.”

The Plustoken was a crypto Ponzi scheme, in which fraudsters had accumulated $3 billion from Bitcoin, ETH and EOS and later had fled somewhere. Of the investors, many people from Korea and China had earlier invested in the Scheme.

The Scheme made promises that they will be giving monthly returns of 9% to 18% of the investment made, and higher stakes awarded even better benefits.

The Plustoken lured people into investing in the fraud and promised people to be creating the Plus Token Wallets and Exchange platforms. 

Nate, in his tweet, also mentions that in August 2019, news came that the tokens which stolen in the Scheme, including those of the BTC and ETH, were being sold illegally. These coins sold at the Huobi platform.

Huobi is a Singapore based cryptocurrency exchange platform that claims to be the best place for the trading of the crypto assets. The platform doesn’t require a KYC verification of the customer, but a verified ID to trade. The company has its roots in China, but later in 2018, the company became a publicly listed Hong-Kong Company.

The third point which Nate brings up is that when the Huobi saw an increase in the supply of the BTC coins. This was seen from June 2018, the time which also saw a decline in the prices. The On-Chain data made this data analysis.

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