• PlusToken is claimed to have absconded with funds estimated over $3m worth of crypto deposits.
  • The alleged Ponzi Scheme promised users high monthly returns(6-18%) on investment without revealing investment strategy.

A South Korean-based crypto wallet, PlusToken is facing an alleged exit scam situation. It is claimed to have disappeared with users' funds which is approximately estimated over $3 billion worth of crypto deposits. However, the digital presence of the company including its website, Twitter account and other social media accounts has not been wiped out, while claiming some technical glitches. 

As per a few worried users, withdrawals on PlusToken started faltering since June 27, with alleged technical reasons used as a reason for their temporary dysfunctionality. In addition to the exit scam chaos, the lack of details or specifics regarding the HYIP crypto project has caused anger and irritation amongst the users. The alleged Ponzi scheme doesn’t provide any concrete information or investment strategies but only promises investors with 6 to 18 percent monthly returns plus referral commission.

Earlier this month, a few days before their disappearance, PlusToken said that it's expecting to have over 10 million members before the end of 2019 and the wallet also counted 3 million registered users as of May 30th. These numbers seem bloated as they have no concrete and credible evidence backing this claim. Notably, there are little-to-no details about the people behind this alleged scam. The website mentions a "Mr. Leo" as the co-founder and displays a photo of him wearing a baseball cap and standing behind a podium. 

As this news started spreading, the crypto users and community started to react. Groups on messaging platforms such as Facebook and Telegram reveal users who claim to have lost up to $5,000. As per some unaccounted tweets, several users from China have filed complaints with Hunan province police, but the solutions for users who were actually affected by the disappearance of PlusToken seem to be currently unclear. 

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