Crypto wallet PlusToken disappears with users’ funds

  • Big tech developers allegedly stood behind developing the wallet
  • About 200 million yuan are now gone with the wind

July 2, 2019 | AtoZ MarketsThe South Korean Crypto wallet PlusToken has disappeared with users' funds, amid news of what is described to be an exit scam.

On June 29th, a PlusToken user of the virtual asset wallet application continued to report that the platform was difficult to pay, and the coin-raising process was not completed within 24 hours. In the PlusToken application, the platform token price has stagnated at $139.237 since the evening of the 29th, with no price fluctuations for dozens of hours. The user questioned that no staff has maintained the related services.

Tracing out the suspected PlusToken Ethereum wallet address, only one Ethereum address holds 780,000 ETHs, involving an amount of about 1.4 billion yuan. On the official app display, PlusToken supports top-up of 9 tokens. According to statistics from the currency black, the amount of Bitcoin, EOS, Litecoin and Ripple held by PlusToken is also considerable. The market value of the assets involved has exceeded RMB 10 billion. Tests have shown that after opening the PlusToken Smart Dog app, the user's Ethereum will automatically transfer to that address. At the same time, the above Ethereum address has recently been transferred in large numbers.


Crypto wallet PlusToken had 3.4 million users!

Sources mentioned that the address transferred 110,000 Ethereum in about 7 days, about 200 million yuan. Research has shown the platform announced that the number of users exceeds 3 million. PlusToken Intelligent Bricks Weibo mentioned in the content released on the 8th that "the data from the platform side, the number of PlusToken users has reached 34% of 10 million", that is, the PlusToken application or 3.4 million users. Compared with the mainstream virtual currency wallet ImToken users, it is also close to half. In October 18, the number of ImToken users reached 7 million in October 18th.

Multibank Review
Visit Site
4.8/5 Review
Visit Site
4.8/5 Review
Visit Site

In March 2019, the Wenyuan Police Station in Tianxin District of Changsha City had investigated and dealt with the local “Plus Token Blockchain Wallet” propaganda dens. The police found that the "Plus Token blockchain wallet" was suspected of pyramid schemes.

Relevant information referred to that Plus Token claims to be a smart wallet, a currency balance, and a team from South Korea. Investors deposit 1 million yuan, and compound interest can earn 7 million yuan a year. Users investing in Plus Token smart wallet, in addition to the insurance, can also get 10% to 30% of the monthly income, directly develop a downline reward of 100%, from the second floor to the tenth floor each reward 10%. The police said that the "PlusToken Wallet", in the name of "blockchain", charges threshold fees, develops offline, and rewards at various levels, and has the typical characteristics of pyramid schemes.


PlusToken lured traders with big rates

The information available say that the PlusToken wallet attracted users by launching the mobile brick dog application. The promotion said that the platform profited by using high spreads on multiple exchanges. The profitability of this model is doubtful because the exchange requires transaction fees. When the PlusToken user wallet has a token worth more than $500, it can get an additional 10% to 30%, with a 5% handling fee in 28 days and 1% in 28 days. The user converts the legal currency into digital currency through the OTC. After the mobile brick dog application is opened, the currency is charged as the PlusToken wallet address. When the coin is transferred, the currency can be transferred to the exchange, and multiple PlusToken users can take out the screenshot of the charged coin SMS. It shows that its access channel is the fire currency network.

As per sources, PlusToken was developed by Samsung and Google team, and the co-founders are LEO and Jin Zhongren. The two have little personal information leaked to the public. The developer of the PlusToken application was shown as China Petrochemical Corporation. Previously, there was also graphic information showing that PlusToken should be outsourced for Jiaxing Mo Ming Network Information Technology Co., Ltd., rather than the so-called international team. According to the information, the Jiaxing R&D company is controlled by Zhejiang Lianyijia Technology Co. Ltd. Public information shows that the Chinese manager of PlusToken is Chen Zihan, which is a pseudonym.

According to reports, Zhao Sheng, founder of WBF Conference, and co-founder Yuan Zhengzhong were alleged to have invested in PlusToken through their capital. Public information shows that Zhao Sheng’s identity also includes the founder of Shibuya Chuangke Capital, and Yuan Zhengzhong is a founder of capital. WBF New York World Blockchain Conference official website, the organization was incorporated in New York in 2017, set up a central office in New York, Singapore, Shanghai, Seoul.

Leave a Reply

Your email address will not be published. Required fields are marked *