Introduction of PlusToken Review:
The world of scams has experienced growth like never before. With new varieties up their sleeves, the scammers trick over hundreds of unsuspecting victims every day. Today, we are going to review one such major scam operation that shook the world with its strange gameplay and endnote. Plus Token claimed to be a high yield investment program and entered the market with mind-blowing offers and bonuses that made many customers make an account with their company without even thinking twice. This ponzi scam was abandoned by the brains of the company after withdrawing a total of $3 billion dollars in various other cryptocurrency mediums and left a message for the society, “sorry we have run”. Read on to know more about how this company scammed thousands out of their money.
Who were they?
PlusToken originally tended to the customers in China and Korea. They also paid special attention to include people who are seemingly new to the industry and know less about cryptocurrencies. PlusToken offered huge rewards on investment which motivated many people to start an account and make investments. The company offered returns lying in the range of 9 to 18% every month. In order to manipulate the victims into investing more money, PlusToken offered even higher rewards with increased investments.
How did they work?
Plus Token aligns with the description of a Ponzi scheme. For those who are not aware of the term, Ponzi Scheme, it means a scheme in which the company gives returns to the older investors with the money of the comparatively new investors thereby trapping all of them in a vicious cycle. This scam broker played smart and marketed this fake illusion of their business being there for the long run by pretending that the funds collected go into the research and development of crypto-related products and services. Due to this being a Ponzi scheme, Plus Token holy grail was the system of referral. They manipulated their already customers to refer Plus Token to the family and friends and in return earn huge bonuses. The investors were divided into four different categories on the basis of the amount of money they invested and the number of referrals they brought. In the greed of getting more returns, Plus Token investors readily suggested the scam to their friends and family, thereby unknowingly involving them as well.
How did they gain popularity?
As Plus Token was conducting all of this scam in the years when the pandemic had not started, they had the upper hand and conducted many conferences and events for the promotion of their company. This engaged many people. The other measure they took was the referral scheme.
Is the scam still running?
Even though there is no clarity in the fact whether the scam is still running or not, the May and June months of 2020 witnessed various screenshots of Plus Token’s transactions being circulated over social media. This might have been a move by the scammers to indulge the scammed victims in a collective hope that they might receive their money back.
We urge our readers to always conduct proper research on the brokerage firm before investing your money into it.
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