Chinese journalist Colin Wu released an investigation into PlusToken, one of the largest cryptocurrency Ponzi schemes in history.

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According to the journalist, the Chinese authorities have confiscated a large number of digital assets. The PlusToken team, led by a middle school educated man from Changsha, raised 310,000 Bitcoin (BTC), 9.17 million Ethereum (ETH), and over 51 million EOS using a simple Ponzi scheme and pyramid scheme model. Chinese police confiscated 190,000 BTC, 830,000 ETH, and 27.24 million EOS.

“A man from Changsha, Hunan, with only a middle school education, raised 310,000 bitcoins; 9.17 million ethers; more than 51 million EOS, etc. Its model was a straightforward Ponzi scheme + pyramid scheme, raising funds and promising interest, with …