PlusToken Wallet and Exchange - Revision history

Azoundria at 19:57, 10 May 2024

2024-05-10T19:57:45Z

← Older revision		Revision as of 13:57, 10 May 2024
Line 3:		Line 3:
	[[File:Plustoken.jpg\|thumb\|Plus Token Logo, Event Pictures]]From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.		[[File:Plustoken.jpg\|thumb\|Plus Token Logo, Event Pictures]]From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.

	This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" /><ref>https://en.wikipedia.org/wiki/PlusToken (Feb 26, 2024)</ref><ref>https://www.cryptopolitan.com/plustoken-scam-rocks-crypto-community/ (Feb 26, 2024)</ref><ref>https://www.blocktempo.com/the-asset-of-plustokens-address-has-been-moved/ (Feb 26, 2024)</ref><ref>https://news.cctv.com/2021/04/09/ARTISnSGEG1wmxOVFxOCTyaG210409.shtml (Feb 26, 2024)</ref><ref>https://blockcast.it/tag/plustoken/ (Feb 26, 2024)</ref>		This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" /><ref name="comparitech-10032" /><ref name="mycryptoblog-10095" /><ref>https://en.wikipedia.org/wiki/PlusToken (Feb 26, 2024)</ref><ref>https://www.cryptopolitan.com/plustoken-scam-rocks-crypto-community/ (Feb 26, 2024)</ref><ref>https://www.blocktempo.com/the-asset-of-plustokens-address-has-been-moved/ (Feb 26, 2024)</ref><ref>https://news.cctv.com/2021/04/09/ARTISnSGEG1wmxOVFxOCTyaG210409.shtml (Feb 26, 2024)</ref><ref>https://blockcast.it/tag/plustoken/ (Feb 26, 2024)</ref>

	== About PlusToken ==		== About PlusToken ==
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	<ref name="ciphertrace-1152">[https://ciphertrace.com/wp-content/uploads/2021/01/CipherTrace-Cryptocurrency-Crime-and-Anti-Money-Laundering-Report-012821.pdf CipherTrace Cryptocurrency Crime and Anti-Money Laundering Report 2020] (Jun 20, 2021)</ref>		<ref name="ciphertrace-1152">[https://ciphertrace.com/wp-content/uploads/2021/01/CipherTrace-Cryptocurrency-Crime-and-Anti-Money-Laundering-Report-012821.pdf CipherTrace Cryptocurrency Crime and Anti-Money Laundering Report 2020] (Jun 20, 2021)</ref>

	<ref name="theblockcrypto-7526">[https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi] (Apr 10, 2022)</ref></references>		<ref name="theblockcrypto-7526">[https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi] (Apr 10, 2022)</ref>

			<ref name="comparitech-10032">[https://www.comparitech.com/crypto/cryptocurrency-scams/ Worldwide crypto & NFT rug pulls and scams tracker - Comparitech] (Dec 15, 2022)</ref>

			<ref name="mycryptoblog-10095">[https://blog.mycrypto.com/2019-in-review--major-blockchain-crypto-security-incidents 2019 In Review: Major Blockchain/Crypto Security Incidents \| MyCrypto Blog] (Dec 28, 2022)</ref></references>

Azoundria at 21:50, 26 February 2024

2024-02-26T21:50:18Z

← Older revision		Revision as of 15:50, 26 February 2024
Line 1:		Line 1:
	{{Case Study Under Construction}}{{Unattributed Sources}}		{{Case Study Under Construction}}{{Unattributed Sources}}

	[[File:Plustoken.jpg\|thumb\|~~IRA Financial Homepage~~, ~~CEO, Logo~~]]From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.		[[File:Plustoken.jpg\|thumb\|Plus Token Logo, Event Pictures]]From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.

	This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" /><ref>https://en.wikipedia.org/wiki/PlusToken (Feb 26, 2024)</ref><ref>https://www.cryptopolitan.com/plustoken-scam-rocks-crypto-community/ (Feb 26, 2024)</ref><ref>https://www.blocktempo.com/the-asset-of-plustokens-address-has-been-moved/ (Feb 26, 2024)</ref><ref>https://news.cctv.com/2021/04/09/ARTISnSGEG1wmxOVFxOCTyaG210409.shtml (Feb 26, 2024)</ref><ref>https://blockcast.it/tag/plustoken/ (Feb 26, 2024)</ref>		This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" /><ref>https://en.wikipedia.org/wiki/PlusToken (Feb 26, 2024)</ref><ref>https://www.cryptopolitan.com/plustoken-scam-rocks-crypto-community/ (Feb 26, 2024)</ref><ref>https://www.blocktempo.com/the-asset-of-plustokens-address-has-been-moved/ (Feb 26, 2024)</ref><ref>https://news.cctv.com/2021/04/09/ARTISnSGEG1wmxOVFxOCTyaG210409.shtml (Feb 26, 2024)</ref><ref>https://blockcast.it/tag/plustoken/ (Feb 26, 2024)</ref>

Azoundria at 21:49, 26 February 2024

2024-02-26T21:49:54Z

← Older revision		Revision as of 15:49, 26 February 2024
Line 1:		Line 1:
	{{Case Study Under Construction}}{{Unattributed Sources}}		{{Case Study Under Construction}}{{Unattributed Sources}}

	From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.		[[File:Plustoken.jpg\|thumb\|IRA Financial Homepage, CEO, Logo]]From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.

	This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" /><ref>https://en.wikipedia.org/wiki/PlusToken (Feb 26, 2024)</ref><ref>https://www.cryptopolitan.com/plustoken-scam-rocks-crypto-community/ (Feb 26, 2024)</ref><ref>https://www.blocktempo.com/the-asset-of-plustokens-address-has-been-moved/ (Feb 26, 2024)</ref><ref>https://news.cctv.com/2021/04/09/ARTISnSGEG1wmxOVFxOCTyaG210409.shtml (Feb 26, 2024)</ref><ref>https://blockcast.it/tag/plustoken/ (Feb 26, 2024)</ref>		This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" /><ref>https://en.wikipedia.org/wiki/PlusToken (Feb 26, 2024)</ref><ref>https://www.cryptopolitan.com/plustoken-scam-rocks-crypto-community/ (Feb 26, 2024)</ref><ref>https://www.blocktempo.com/the-asset-of-plustokens-address-has-been-moved/ (Feb 26, 2024)</ref><ref>https://news.cctv.com/2021/04/09/ARTISnSGEG1wmxOVFxOCTyaG210409.shtml (Feb 26, 2024)</ref><ref>https://blockcast.it/tag/plustoken/ (Feb 26, 2024)</ref>

Azoundria: COMPLETE 30 Minutes. Integrated additional source. Added a logo and many more sources. Organizing information.

2024-02-26T21:48:46Z

COMPLETE 30 Minutes. Integrated additional source. Added a logo and many more sources. Organizing information.

← Older revision		Revision as of 15:48, 26 February 2024
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	{{~~Imported~~ Case Study ~~2\|source=https://www.quadrigainitiative.com/casestudy/plustokenwalletandexchange.php~~}}		{{Case Study Under Construction}}{{Unattributed Sources}}
	{{Unattributed Sources}}

	From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.		From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.

	This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" />		This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" /><ref>https://en.wikipedia.org/wiki/PlusToken (Feb 26, 2024)</ref><ref>https://www.cryptopolitan.com/plustoken-scam-rocks-crypto-community/ (Feb 26, 2024)</ref><ref>https://www.blocktempo.com/the-asset-of-plustokens-address-has-been-moved/ (Feb 26, 2024)</ref><ref>https://news.cctv.com/2021/04/09/ARTISnSGEG1wmxOVFxOCTyaG210409.shtml (Feb 26, 2024)</ref><ref>https://blockcast.it/tag/plustoken/ (Feb 26, 2024)</ref>

	== About PlusToken ==		== About PlusToken ==
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	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
	There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.		There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

			<ref>[https://www.coinbureau.com/analysis/plustoken-scam/ PlusToken Scam - CoinBureau] (Accessed Feb 6, 2024)</ref><ref>[https://www.facebook.com/plustokensg/ Plus Token Singapore - Facebook] (Accessed Feb 26, 2024)</ref><ref>https://finance.yahoo.com/news/plustoken-scammers-blamed-dramatic-crypto-170036743.html (Feb 26, 2024)</ref>

	== The Reality ==		== The Reality ==
			The Plustoken project, initiated in 2018 by an individual named Chen Bo, operated as a multi-level-marketing (MLM) crypto scam, promising high returns and attracting millions of participants<ref name=":0">[https://news.bitcoin.com/onchain-researchers-suspect-chinese-government-sold-plustokens-billion-dollar-bitcoin-hoard-last-year/ Onchain Researchers Suspect Chinese Government Sold Plustoken’s Billion-Dollar Bitcoin Hoard Last Year - Bitcoin.com] (Accessed Feb 26, 2024)</ref>.

	This sections is included if a case involved deception or information that was unknown at the time. Examples include:		This sections is included if a case involved deception or information that was unknown at the time. Examples include:

Line 45:		Line 48:

	== What Happened ==		== What Happened ==
	The ~~specific events~~ of ~~the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it~~.		The project's leaders orchestrated their exit in mid-2019, defrauding investors of substantial amounts<ref name=":0" />.
	{\| class="wikitable"		{\| class="wikitable"
	\|+Key Event Timeline - PlusToken Wallet and Exchange		\|+Key Event Timeline - PlusToken Wallet and Exchange
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	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-		\|-
	\|		\|December 2nd, 2020 9:30:29 AM MST
	\|		\|Bitcoin.com Article On Sale
	\|		\|Bitcoin.com reports on a court ruling in China which revealed that the government seized over $4.2 billion worth of cryptocurrency assets from the PlusToken scam, resulting in several masterminds of the scheme being sentenced to prison terms of up to 11 years<ref name=":0" />. While the court ruling announced that the seized proceeds from the PlusToken scam would be forfeited to the national treasury, onchain researchers suspect that a significant portion of the confiscated cryptocurrencies, particularly Bitcoin, may have already been sold<ref name=":0" />. According to reports from OXT Research, the Chinese government, believed to be one of the largest Bitcoin holders at the time, likely sold off a substantial portion of the seized Bitcoin on the open market, with proceeds potentially added to the central treasury<ref name=":0" />. While the exact details of how the Chinese government handled the sale of the seized cryptocurrencies remain unclear, it is suggested that Huobi might have assisted in the process<ref name=":0" />.
	\|}		\|}

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	== Total Amount Lost ==		== Total Amount Lost ==
			Research from OXT Research indicates that the post-shutdown PlusToken bounty amounted to approximately 200,966 BTC, with a value of $3.8 billion<ref name=":0" />.

	The total amount lost has been estimated at $6,000,000,000 USD.		The total amount lost has been estimated at $6,000,000,000 USD.

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	== Ultimate Outcome ==		== Ultimate Outcome ==
	~~What was~~ the ~~end result? Was any investigation done? Were any individuals prosecuted? Was there~~ a ~~lawsuit? Was any tracing done?~~		A court ruling in China revealed that the government seized over $4.2 billion worth of cryptocurrency assets from the PlusToken scam, resulting in several masterminds of the scheme being sentenced to prison terms of up to 11 years<ref name=":0" />. The Plustoken project, initiated in 2018 by an individual named Chen Bo, operated as a multi-level-marketing (MLM) crypto scam, promising high returns and attracting millions of participants. However, the project's leaders orchestrated an exit scam in mid-2019, defrauding investors of substantial amounts<ref name=":0" />.

			While the court ruling announced that the seized proceeds from the PlusToken scam would be forfeited to the national treasury, onchain researchers suspect that a significant portion of the confiscated cryptocurrencies, particularly Bitcoin, may have already been sold<ref name=":0" />. According to reports, the Chinese government, believed to be one of the largest Bitcoin holders at the time, likely sold off a substantial portion of the seized Bitcoin on the open market, with proceeds potentially added to the central treasury<ref name=":0" />. While the exact details of how the Chinese government handled the sale of the seized cryptocurrencies remain unclear, it is suggested that Chinese exchanges such as Huobi might have assisted in the process<ref name=":0" />.

	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~There do not appear~~ to ~~have been any funds recovered in this case~~.		It is suggested that a considerable portion of coins involved in the scheme, after being mixed for obfuscation, were sold through cryptocurrency exchanges, primarily Huobi<ref name=":0" />. The selling activities allegedly started in mid-2019 and persisted until the end of the year<ref name=":0" />. Ergo's research findings imply that the majority of the Plustoken-related selling activities may have concluded, with only a fraction of the seized Bitcoin remaining and a significant portion allegedly sent to known digital currency exchange addresses<ref name=":0" />.

	~~What~~ funds were ~~recovered? What funds were reimbursed for those affected users?~~		There is no indication that any funds were returned to victims of the fraud.

	== Ongoing Developments ==		== Ongoing Developments ==
	~~What parts~~ of ~~this case are still remaining~~ to ~~be concluded?~~		There are speculations about the liquidation of proceeds regarding the involvement of Chaindigg, a company reportedly employed to dispose of the Ponzi's coins, potentially indicating a connection to another similar scheme called Wotoken<ref name=":0" />.

			<ref>https://plustoken-claim.com/ (Feb 26, 2024)</ref>
	== General Prevention Policies ==		== General Prevention Policies ==
	Coming soon.		Coming soon.

Azoundria at 19:19, 1 May 2023

2023-05-01T19:19:54Z

← Older revision		Revision as of 13:19, 1 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/plustokenwalletandexchange.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/plustokenwalletandexchange.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.		From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.

	This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.		This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" />
	<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" />

	== About PlusToken ==		== About PlusToken ==
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	!Description		!Description
	\|-		\|-
	\|June 1st, 2019 12:01:23 AM		\|June 1st, 2019 12:01:23 AM MDT
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
Line 61:		Line 60:
	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			Coming soon.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Coming soon.~~

	== References ==		== References ==
	<references><ref name="chainalysisblog-127">[https://blog.chainalysis.com/reports/plustoken-scam-bitcoin-price <nowiki>Chainalysis Blog \| PlusToken Scammers Didn’t Just Steal $2+ Billion Worth of Cryptocurrency. They May Also Be Driving Down the Price of Bitcoin. [UPDATED 3/12/2020]</nowiki>] (Feb 22, 2020)</ref>		<references><ref name="chainalysisblog-127">[https://blog.chainalysis.com/reports/plustoken-scam-bitcoin-price <nowiki>Chainalysis Blog \| PlusToken Scammers Didn’t Just Steal $2+ Billion Worth of Cryptocurrency. They May Also Be Driving Down the Price of Bitcoin. [UPDATED 3/12/2020]</nowiki>] (Feb 23, 2020)</ref>

	<ref name="cryptobriefing-133">[https://cryptobriefing.com/bitcoin-analysis-reveals-plustoken-scam/ On-Chain Bitcoin Analysis Reveals New Depth of PlusToken Scam \| Crypto Briefing] (Feb 22, 2020)</ref>		<ref name="cryptobriefing-133">[https://cryptobriefing.com/bitcoin-analysis-reveals-plustoken-scam/ On-Chain Bitcoin Analysis Reveals New Depth of PlusToken Scam \| Crypto Briefing] (Feb 23, 2020)</ref>

	<ref name="cointelegraph-134">[https://cointelegraph.com/news/is-plustoken-scam-about-to-dump-eth-105m-moves-to-unknown-wallet Is PlusToken Scam About to Dump ETH? $105M Moves to Unknown Wallet] (Feb 22, 2020)</ref>		<ref name="cointelegraph-134">[https://cointelegraph.com/news/is-plustoken-scam-about-to-dump-eth-105m-moves-to-unknown-wallet Is PlusToken Scam About to Dump ETH? $105M Moves to Unknown Wallet] (Feb 23, 2020)</ref>

	<ref name="cointelegraph-135">[https://cointelegraph.com/news/plustoken-scam-moves-123m-in-bitcoin-just-as-btc-price-regains-10k PlusToken Scam Moves $123M in Bitcoin Just as BTC Price Regains $10K] (Feb 22, 2020)</ref>		<ref name="cointelegraph-135">[https://cointelegraph.com/news/plustoken-scam-moves-123m-in-bitcoin-just-as-btc-price-regains-10k PlusToken Scam Moves $123M in Bitcoin Just as BTC Price Regains $10K] (Feb 23, 2020)</ref>

	<ref name="ciphertrace-1152">[https://ciphertrace.com/wp-content/uploads/2021/01/CipherTrace-Cryptocurrency-Crime-and-Anti-Money-Laundering-Report-012821.pdf CipherTrace Cryptocurrency Crime and Anti-Money Laundering Report 2020] (Jun 19, 2021)</ref>		<ref name="ciphertrace-1152">[https://ciphertrace.com/wp-content/uploads/2021/01/CipherTrace-Cryptocurrency-Crime-and-Anti-Money-Laundering-Report-012821.pdf CipherTrace Cryptocurrency Crime and Anti-Money Laundering Report 2020] (Jun 20, 2021)</ref>

	<ref name="theblockcrypto-7526">[https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi] (Apr 10, 2022)</ref></references>		<ref name="theblockcrypto-7526">[https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi] (Apr 10, 2022)</ref></references>

Azoundria at 08:07, 17 February 2023

2023-02-17T08:07:20Z

← Older revision		Revision as of 02:07, 17 February 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/plustokenwalletandexchange.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/plustokenwalletandexchange.php}}
			{{Unattributed Citations}}

	From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.		From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.

	This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.		This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.
			<ref name="chainalysisblog-127" /><ref name="cryptobriefing-133" /><ref name="cointelegraph-134" /><ref name="cointelegraph-135" /><ref name="ciphertrace-1152" /><ref name="theblockcrypto-7526" />

	== About PlusToken ==		== About PlusToken ==
Line 31:		Line 33:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 53:		Line 54:
	\|-		\|-
	\|June 1st, 2019 12:01:23 AM		\|June 1st, 2019 12:01:23 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $6,000,000,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Line 77:		Line 74:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 88:		Line 85:

	== References ==		== References ==
	[https://blog.chainalysis.com/reports/plustoken-scam-bitcoin-price <nowiki>Chainalysis Blog \| PlusToken Scammers Didn’t Just Steal $2+ Billion Worth of Cryptocurrency. They May Also Be Driving Down the Price of Bitcoin. [UPDATED 3/12/2020]</nowiki>] (Feb 22)		<references><ref name="chainalysisblog-127">[https://blog.chainalysis.com/reports/plustoken-scam-bitcoin-price <nowiki>Chainalysis Blog \| PlusToken Scammers Didn’t Just Steal $2+ Billion Worth of Cryptocurrency. They May Also Be Driving Down the Price of Bitcoin. [UPDATED 3/12/2020]</nowiki>] (Feb 22, 2020)</ref>

	[https://cryptobriefing.com/bitcoin-analysis-reveals-plustoken-scam/ On-Chain Bitcoin Analysis Reveals New Depth of PlusToken Scam \| Crypto Briefing] (Feb 22)		<ref name="cryptobriefing-133">[https://cryptobriefing.com/bitcoin-analysis-reveals-plustoken-scam/ On-Chain Bitcoin Analysis Reveals New Depth of PlusToken Scam \| Crypto Briefing] (Feb 22, 2020)</ref>

	[https://cointelegraph.com/news/is-plustoken-scam-about-to-dump-eth-105m-moves-to-unknown-wallet Is PlusToken Scam About to Dump ETH? $105M Moves to Unknown Wallet] (Feb 22)		<ref name="cointelegraph-134">[https://cointelegraph.com/news/is-plustoken-scam-about-to-dump-eth-105m-moves-to-unknown-wallet Is PlusToken Scam About to Dump ETH? $105M Moves to Unknown Wallet] (Feb 22, 2020)</ref>

	[https://cointelegraph.com/news/plustoken-scam-moves-123m-in-bitcoin-just-as-btc-price-regains-10k PlusToken Scam Moves $123M in Bitcoin Just as BTC Price Regains $10K] (Feb 22)		<ref name="cointelegraph-135">[https://cointelegraph.com/news/plustoken-scam-moves-123m-in-bitcoin-just-as-btc-price-regains-10k PlusToken Scam Moves $123M in Bitcoin Just as BTC Price Regains $10K] (Feb 22, 2020)</ref>

	[https://ciphertrace.com/wp-content/uploads/2021/01/CipherTrace-Cryptocurrency-Crime-and-Anti-Money-Laundering-Report-012821.pdf CipherTrace Cryptocurrency Crime and Anti-Money Laundering Report 2020] (Jun 19)		<ref name="ciphertrace-1152">[https://ciphertrace.com/wp-content/uploads/2021/01/CipherTrace-Cryptocurrency-Crime-and-Anti-Money-Laundering-Report-012821.pdf CipherTrace Cryptocurrency Crime and Anti-Money Laundering Report 2020] (Jun 19, 2021)</ref>

	[https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi] (Apr 10)		<ref name="theblockcrypto-7526">[https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi] (Apr 10, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/plustokenwalletandexchange.php}} From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything. This exchange or platform is based in South Korea, or the incident targeted people primarily in Sou..."

2023-01-25T03:07:27Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/plustokenwalletandexchange.php}} From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything. This exchange or platform is based in South Korea, or the incident targeted people primarily in Sou..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/plustokenwalletandexchange.php}}

From the looks of it, this has little to do with the exchange itself; however it’s worth noting that even today little is known about the incident. The main issues were that you had unknown people running the operation and they had no intent on honouring anything.

This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.

== About PlusToken ==
“US$2.9 billion worth of deposits appear to have been lost when Chinese police broke up an alleged Ponzi scheme involving the purportedly South Korea-based crypto wallet and exchange, PlusToken.” “In late June, PlusToken users began to experience trouble withdrawing custodial crypto assets. On June users found that withdrawals on the PlusToken app were frozen due to alleged “technical difficulties,” but by June 29 the PlusToken app had completely shut down due to alleged “system maintenance.””

"On July 31, Chinese authorities arrested 109 people suspected of involvement in the PlusToken cryptocurrency fraud ring. The South Korean Ponzi scheme was advertised as a
high-yield investment for crypto traders, with the company claiming investors would achieve 9% to 18% monthly returns."

"Members were encouraged to bring others into the fold in exchange for a commission, creating a Ponzi scheme of massive proportions. Last year, the operators of PlusToken performed a suspected exit from their scam, in which roughly $3 billion was withdrawn from the accounts of up to four million users who suddenly found themselves unable to
access their funds. The Chinese Ministry of Public Security says that they have 27 "major criminal suspects" and a further 82 "key" members of PlusToken in police custody."

"As this case keeps unfolding, the real scope of the financial damage continues to come to light. The original estimate of the amount stolen was $3 billion, but Chinese media outlet Chain News now suggests that $6 billion was stolen from investors."

This exchange or platform is based in South Korea, or the incident targeted people primarily in South Korea.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - PlusToken Wallet and Exchange
!Date
!Event
!Description
|-
|June 1st, 2019 12:01:23 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Coming soon.

== References ==
[https://blog.chainalysis.com/reports/plustoken-scam-bitcoin-price <nowiki>Chainalysis Blog | PlusToken Scammers Didn’t Just Steal $2+ Billion Worth of Cryptocurrency. They May Also Be Driving Down the Price of Bitcoin. [UPDATED 3/12/2020]</nowiki>] (Feb 22)

[https://cryptobriefing.com/bitcoin-analysis-reveals-plustoken-scam/ On-Chain Bitcoin Analysis Reveals New Depth of PlusToken Scam | Crypto Briefing] (Feb 22)

[https://cointelegraph.com/news/is-plustoken-scam-about-to-dump-eth-105m-moves-to-unknown-wallet Is PlusToken Scam About to Dump ETH? $105M Moves to Unknown Wallet] (Feb 22)

[https://cointelegraph.com/news/plustoken-scam-moves-123m-in-bitcoin-just-as-btc-price-regains-10k PlusToken Scam Moves $123M in Bitcoin Just as BTC Price Regains $10K] (Feb 22)

[https://ciphertrace.com/wp-content/uploads/2021/01/CipherTrace-Cryptocurrency-Crime-and-Anti-Money-Laundering-Report-012821.pdf CipherTrace Cryptocurrency Crime and Anti-Money Laundering Report 2020] (Jun 19)

[https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi https://www.theblockcrypto.com/linked/69432/eth-transactions-plustoken-ponzi] (Apr 10)