Author: Colin Harper. Originally published on Bitcoin Magazine.
On June 27, 2022, the authorities of the Pacific state of Vanuatu, at the request of China, arrested a group of organizers of a large financial pyramid, PlusToken, which spread throughout Asia and defrauded investors of about $3 billion.
The PlusToken project promised its “investors” a monthly guaranteed income (10%-30%) from investments in the PLUS token, which was traded on such large cryptocurrency exchanges as Huobi and Bithumb. The project managed to attract more than 200,000 bitcoins (about 1% of all bitcoins or all the bitcoins that belong to the Winklevoss brothers), 789,000 ETH and 26 million EOS. At the time of publication, the leader of the PlusToken project is still at large, and the collected funds are being moved to new addresses.
This pyramid scheme is similar to the infamous BitConnect scam, but on a much larger scale. At its peak, BitConnect's capitalization was approaching $121 million. PlusToken's capitalization reached a valuation of $17 billion. At its all-time high of $340, the PLUS token would have become the third largest asset on CoinMarketCap if it had been listed.
Phenomenal Token - what is it? general information
| Activities: native token PNM and PNMs (high non-trading risk) | Start date: 17.10.2020 |
| Possible income: up to 30% per month | Protection of deposits from “fast scam”: |
| Payments: withdrawal of deposit at any time (commission 7%) | Minimum investment: ~$200 (minimum status + maximum number of tokens for it) |
| Deposit period: about 7.5 months | Affiliate program 5 levels: 10 ranks and unlimited depth |
| Investment in foreign currency through: — | Cryptocurrency deposit: Bitcoin |
⚠️ Risk warning
It is always worth remembering that the risk of losing investment funds is absolutely everywhere. Somewhere it is lower, somewhere higher. High-yield projects are no exception, so invest as much as you can afford to lose. Manage your budget wisely and do not use borrowed funds.
More about the platform
We have before us a unique project in which all tokens are backed by digital assets. I will informatively and concisely explain all the important features and advantages:
- 100% backed by Bitcoin.
- Phenomenal Token mathematical model, which constantly pushes the rate up with each transaction (in relation to Bitcoin) and does not allow it to sink. Emissions are also controlled and strictly regulated. Tokens appear when someone buys them and burn when someone sells them back to the site. This also eliminates their sharp volatility.
- Due to commissions, the collateral pool is constantly increasing . Over-collateralization is built in, as the amount of funds in the pool always exceeds the total amount of all existing PNM coins. This money is kept in a separate Bitcoin cold wallet. It has multi-signature. The withdrawal of funds from the stabilization fund must be confirmed by 3 people at once (administration and top leader). Therefore, the possibility of theft is reduced to a minimum.
- Monthly return is about 30% . After some time, it will drop slightly to 0.6% -0.7% per day and will remain at this level (as the modeling showed).
- It is possible to take out a loan secured by your own tokens . Earning more with less investment.
- You can withdraw your funds ahead of schedule , at any time.
- Great prospects . Own blockchain, hybrid smart contract model, partnership with Visa/MasterCard issuer and much more.
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