South Korean crypto exchange escaped with $3 billion worth of crypto deposits

3 min read

PlusToken The Biggest Scam

PlusToken was a classic Ponzi Scheme. Its operations were held in Korea, but also in the Chinese market. How Traders-Paradise is sure it was a Ponzi scheme

PlusToken was founded in 2018 and announced high returns at various discount percentages for most active members. What does it mean? To really have the right on rebate, members were obliged to bring more and more newcomers and then would climb to the higher levels. A classic Ponzi. 

At the beginning of this year, those criminals declared to have more than 10 million members.

OMG, how many naive people! Greedy? Just a false number? Everything is possible. The fact is that those scammers snatched $3 billion from their members. But despite the fact they escaped from the law, their website is still alive as much as their social networks accounts. 

Okay, they didn’t have enough time to wipe off everything. More important is to save the neck and fat wallet.


PlusToken The Biggest Scam
“Mr. Leo”, the co-founder of PlusToken

PlusToken scammed about 10 million investors of $3 billion. 

Actually, withdrawals on PlusToken started to stumble in June. 

The scammers declared some technical problems as the reason. For everyone with less greed, promises given from these scammers should sound impossible to be executed. What did they promise? Nothing! No investment strategy, no valuable information, only 6 to 18% returns per month plus referral commission.

Recent research exposed PlusToken as scammers, who were acting outside the internationally used crypto social media. They were a lonely player succeeded to raise billions. On the illegal way. The police in China took some action but it wasn’t finished with arrests or investigation. 

The criminals with an offer of exceptional earnings succeeded to fill their own wallets with a Bitcoins.

Dovey Wan, the co-founder of Primitive Crypto and one of the more influential Twitter accounts, brought the PlusToken story to the attention of a wider audience. 

How do they stay so long unrevealed?

The essential reason is lack of communication and the existence of rivalry between Western and Chinese crypto-fans and exchanges.  

Traders-Paradise - AI-Driven Trading Insights

The PlusToken actions were mostly ignored. The other reasons could be using different social media or the presence of language barriers. That held Asian investors to the hell. 

These scammers were not modest.

Only a few weeks ago just a few days before their escape, PlusToken announced that it’s expecting to have over 10 million members to the end of 2019. Two or three months earlier they said to have 3 million users. It is obvious that they boosted those numbers because they never showed any relevant evidence for those words. Moreover, they operated under the radar, you cannot find so many details or information about the people behind this scam. As we mentioned, at the beginning of this article, some co-founder is mysterious Mr. Lee. 

Take a look at the image above again.

When the scam was revealed messaging platforms reveals members who said they’ve lost up to $5,000. If you take a look at some tweets you will find some members from China who had contacted Hunan province police. How all of this will end is still unclear, but something has to be said: never be greed, use the proven exchanges and wallets with an excellent reputation. Every time when you notice that someone is offering you enormous returns, run away from such.

At any time you can check if some exchange is good in Traders-Paradise’s WALL OF FAME
The scammers are in our WALL OF SHAME

When unsure what's the right move, you can always trade Forex

Get the number #1 winning technical analysis ebook for trading Forex to your email.
Containing the full system rules and unique cash-making strategies. You'll be surprised to see what indicators are being used and what is the master tuning for successful trades. Including case-studies and images.


  • Alex TechLead
    11th September , 1:50 pm

    This is a great development, we have too many horror stories when it comes to these exchanges and their approach to storage of value. We have had typical issues in the cases of cryptonia,bitsane,bitfunder where most users couldnt recover their assets without regulatory help e.g;

    According to a statement released, PlusToken did not use individual crypto wallets; instead, crypto-assets were pooled or co-mingled in coin wallets. Being a centralized exchange, users’ trade took place in the internal ledger of the exchange without confirmation on the blockchain.

    “We are working to reconcile the accounts of over 900,000 customers, many holding multiple crypto-assets, millions of transactions and over 400 different crypto-assets. These must be reconciled one-by-one,”

    Meaning they couldn’t figure out what assets belong to who and how to refund, for most my clients that required my help when trying to recover their finances from similar types off scenarios as this, this was the case. We had to go through a lot to make sure all assets where verified to belong to my clients and refunded but regardless we always succeed.

    Alex Ginsburg, TechLead
    100% Certified Financial Loss Recovery Service, we will recover what you lost regardless of how it happened.
    [email protected]
    [email protected]

    • TP
      11th September , 7:42 pm

      This is important! Thank you for this comment, Alex.


  • rummm
    27th November , 2:41 am

    One wouldn’t really think much of this, all I really wanted to do was invest and be part of it but the way I was misled by this brokers and it was terrible, to easily take money from all in the name of investment and when I wanted to make withdrawals every single attempt was fruitless with constant hassle to invest more I really can’t say more than I have already said. I would really consider myself to be one of the very few lucky ones as I was able to have my funds recovered from this scam Binary option brokers, although it was through unethical means as far I am concerned but what can I care after how my hard-earned funds where taken from me, If your broker lost your funds trading Binary options or any other online fraud
    (recoverywealthnow360 @ gmail, com) will help you recover your funds.

  • justin cleveland
    21st January , 10:37 am

    There are several trading companies that promises you to increase your profit, after searching you will see plethora of trading firms. Their staff looks professional and legitimate and they claim their platform as risk free platform. After you manage to grow your balance and decide to withdraw your money then these so called legitimate platforms refuse to answer and allow you to withdraw few amount claiming that the remaining are bonus and can be withdrawn once you trade for certain number. Without due diligence its inevitable you will fall into wrong hands. talk to www scamsrescue com for advise and to recover any loss.

  • Safa Rojas
    11th February , 10:04 pm

    I rarely share my story with people online and those I don’t know, not only because it put me at the lowest point ever but because it made me a person of ridicule among family and some of my friends. I put all I had into Binary Options ($190,000) after hearing great testimonies about this new investment strategy. I was made to believe my investment would be triple, it started good and I got returns (not up to what I had invested). Gathered more and involved a couple family members, but I didn’t know I was setting myself up for the kill, in less than no time all we had put ($420,000) was gone. It almost seem I had set them up, they came at me strong and hard. After searching and looking for how to make those scums pay back, I got introduced to Mr Chris a recovery agent who helped recover about 80% of my lost funds within a month and I was very happy.

  • Fred Altman
    16th April , 9:32 am

    Don’t be deceived by the fake testimonies everywhere. It took me over 2 months to find someone who helped but it wasn’t an easy ride because I got scammed again.

  • Bessie Macomber
    18th April , 9:00 am

    Being a scam victim can depressing, you were given empty promises. They usually stop replying after achieving their aim with hurts even more, i have been there too as i was too ambitious and wanted financial security which made me invest a chunk of my life savings. I never thought i would be getting back a dime back and already lost hope until i contacted a team which was just a leap of faith as i wasn’t going to go down without a fight. Hooper group, a recovery team that helped me get a significant sum of my investment. Do not brood alone, make a move too.

  • Safa Rojas
    20th November , 4:51 pm

    I am open to share my experience with bitcoin investment and losing money to scammers. However, yes it is possible to recover your stolen bitcoins. I never believed in bitcoin recovery because I was made to understand that it was not possible. However, sometime in October I fell for a forex scam which promised overly high returns and I ended up losing close to $55,000. I searched for a month for help until I finally came across an article on reddit in regards to recovering stolen cryptocurrency so I reached out to them, Bitcoin Binary Recovery dot com. I was so scared and skeptical because I have heard of bad experiences but I decided to give them a try and to my greatest surprise I was able to get all my stolen bitcoins recovered from the scammers within a very short time frame. I don’t know if I’m allowed to share the links on here but you can contact if you also need help, all you have to do is look them up on google and send them a text.

  • winston gary
    9th January , 10:49 pm

    Trading Cryptocurrency is a good thing. i lost a lot before I got to where I am today.

Leave a Comment