Logo of Phnom Penh Post newspaper Phnom Penh Post - All 27 suspects in $6B crypto scheme nabbed




All 27 suspects in $6B crypto scheme nabbed

All 27 suspects in $6B crypto scheme nabbed

All 27 suspects thought to be responsible for running PlusToken, one of the biggest cryptocurrency Ponzi scheme that defrauded investors of around 40 billion yuan ($5.7 billion) have been arrested, China’s Ministry of Public Security said in a statement on Friday.

The case marks the first time police have cracked down on a major international Ponzi scheme that used cryptocurrencies including bitcoin as an exchange method. The pyramid scheme is said to have grown to over 3,000 layers since last year and fleeced more than two million people, the ministry said.

Since June last year, the Chinese police force has collaborated with peers from Cambodia, Vietnam, Malaysia, Vanuatu and other countries and regions to apprehend the 27 prime suspects operating from abroad.

On March, 82 core members allegedly behind the scheme were also captured by the Chinese police.

The PlusToken project was initially presented as a South Korea-based exchange offering high investor returns, media reports said.

Eventually, the entire operation was exposed as a scam after several million participants found they were unable to withdraw their investment.

CHINA DAILY/ASIA NEWS NETWORK

MOST VIEWED

  • Tourists urged not to skip trip

    The Ministry of Tourism has called on international tourists not to cancel trips to Cambodia, but urged them to adhere to several dos and don’ts when arriving in the Kingdom during the Covid-19 pandemic. The ministry released an eight-point instruction manual on Wednesday published

  • The taxman cometh – Cambodia’s capital gains tax casts the net on individual taxpayers

    In a country where only limited personal income tax existed, the new taxation law beginning January 1, 2021, will make taxpayers out of Cambodians, whether they are ready for it or not About two years ago, a little known amendment was made to Article 7 of the Law

  • Cambodian-American gets Star Trek treatment

    Kevin Ung, a Cambodian-American whose family escaped genocide during the Khmer Rouge’s reign of terror, was recently selected from thousands of applicants to participate in the Television Academy Foundation’s inaugural 2020 Star Trek Command Training Programme, a course intended to give hands-on filmmaking experience

  • Cambodia seeks to be transport hub

    Cambodia is working on several fronts to modernise its transport infrastructure and services, concentrating on opening new international gates to relieve and balance traffic congestion at its borders, Minister of Public Works and Transport Sun Chanthol said on Thursday. This is part of the Kingdom’

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • Deminers unearth ancient lion statue

    Cambodia Mine Action Centre (CMAC) director-general Heng Ratana told The Post on Tuesday that a statue of a lion was found by mine clearance experts while they were digging for a development project. It was sent to the Ministry of Culture and Fine Arts last