Cryptocurrency Wallet PlusToken Accused Of Pulling Exit Scam With $3 Billion in Users’ Funds

  • PlusToken is accused of stealing $3 billion in users’ funds
  • This is not the first exit scam that affects the industry
  • Not Your Keys, Not Your Bitcoin

The South Korean-based cryptocurrency wallet PlusToken has allegedly conducted an exit scam, stealing users’ funds. According to a recent report released by FinanceMagnates, the funds stolen are valued at over $3 billion from individuals using the wallet.

PlusToken Exit Scam

There have been several exit scams in the industry during the last years. The last one seems to be related to PlusToken, a South Korean crypto wallet that stole more than $3 billion funds that crypto enthusiasts were storing. Nonetheless, the firm didn’t delete its Twitter account and other social media accounts.

Withdrawals on PlusToken started to be affected on June 27, when the firm explained that they were facing some technical issues. Some individuals were already getting nervous about this issue and how the firm didn’t provide any specific reason about it.

As Finance Magnates reports, PlusToken had 3 million registered users and had hope to scale to 10 million individuals by the end of this year. However, this was not possible and the firm disappeared a few days later.

It is worth mentioning that PlusToken only offered users a cryptocurrency wallet but had no other product or service. At the same time, there were no exchanges listing the virtual currency, which shows that the industry didn’t legitimize this digital asset.

One of the individuals that seem to be behind the project is called Mr. Leo but there is also no further information about what he does or who he really is.

There have been created different groups on social media networks such as Telegram or Facebook trying to gather as much information about the situation. There are some users that claim that they have even lost $5,000 that they had on these wallets or invested. In addition to it, some Chinese users have already filed complaints with Hunan Province police, but it might take a long time for them to have their funds back.

PlusToken was promoted as a secure wallet that had a “profit sharing concept.” The wallet was working through an automated arbitrage system that allowed users to place their funds with the company and double their funds in 8 months. Nonetheless, there has never been a financial report explaining how the wallet conducted its activities. They only promised investors a monthly return between 6 percent and 18 percent and a referral commission. This is a typical Ponzi scheme that the crypto market has experienced in the past.

A few days ago, we wrote at Bitcoin Exchange Guide that the cryptocurrency exchange Bitsane disappeared scamming 246,000 investors. The firm didn’t let users withdraw their funds and it closed its social media accounts. The firm claimed that they were being affected by some technical issues but many individuals lost their funds, including an investor that says he lost $150,000.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide