Hardly any scam could come close to the scale of the now almost legendary fraud around the crypto platform “Plus Token”. There are still numerous victims. The law firm Scheiber would now like to assist them.
It is well known that frauds also occur in the crypto space. One of the biggest scams of all was almost two years ago. At that time, the crypto platform “Plus Token” looted over 3 billion US dollars – today’s equivalent: 11 billion US dollars, BTC-ECHO reported.
Plus Token started in August 2018. The business principle was simple. Customers could deposit various cryptocurrencies on the Plus Token Wallet. A trading robot should then look for arbitrage opportunities and then execute them. Arbitrage refers to the process in which short-term price differences between the exchanges are exploited in order to generate profits. The promise of quick and easy wins attracted around 2.6 million members to the platform by June 2019.
As it turned out later, however, the infrastructure of the “project” was the so-called “Ponzi Scheme” – one big pyramid scheme. Investors were promised high returns of between 9 and 18 percent for their deposits. The platform paid out investors with the money of other investors without their knowledge. After the scam was exposed, the platform operators disappeared with the money until the Chinese police arrested a total of 109 suspects last year – including the heads of Token Plus. The authorities not only secured crypto assets worth at least 4 billion US dollars, but also a number of luxury goods such as sports cars, real estate or insurance policies.
According to unconfirmed reports, the people behind them are said to have already been convicted. There is talk of imprisonment between two and eleven years and fines between 100,000 and one million US dollars. Particularly annoying: According to the judgment of the Chinese court, the proceeds and profits should fall to the national treasury.
China is obliged by the UN treaty to return the funds
The law firm Scheiber would like to remedy this. The international law firm, which has a lot of experience and knowledge in the field of investor protection, represents numerous victims from almost all European countries who have been victims of fraudulent online trading platforms for CFD, crypto and forex trading.
In the case of Plus Token, the law firm strongly recommends taking criminal action if you have not already done so. Since the proceedings are ongoing in China, however, it could be difficult for those affected to satisfy themselves with the confiscated funds for the loss, says the law firm.
Nevertheless, there is hope, because the Middle Kingdom has signed the UN Convention to Combat Cross-Border Organized Crime. According to the treaty, China undertakes to give back the proceeds of crime or assets that have been confiscated as a priority so that the victims of the crime can be compensated or the proceeds or assets can be returned to their rightful owners. For this, however, enough victims would have to take part in a collective procedure so that a corresponding procedure can be examined and implemented in China, says the law firm Scheiber.