South Korean Travel Agent Caught Up In $3 Billion PlusToken Scam
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South Korean Travel Agent Caught Up In $3 Billion PlusToken Scam

February 12, 2020      Shailesh Panwar

A travel agent from South Korea has recently been caught up in the $3 billion PlusToken scam. Seo Jin-ho, belonging from South Korea, had spent an amount of US$86,000 in cryptocurrency and PlusToken, a bitcoin trading platform before authorities found that it was a crypto scam.  Earlier, it was reported that more than 12000 BTC were moved from PlusToken to a new address.

Seo was introduced to PlusToken through a colleague, who confirmed that he could make about 10 per cent per month on investments. In 2019, the colleague visited several times to the travel agent.

Seo Was Taken By The PlusToken Scam

The uncertainty from the travel agent finally gave way, and he bought an initial US$860 investment on the platfrom. Reportedly, his assets saw a considerable increase, encouraging him to spend more on PlusToken.

Within five months, Seo made an investment of US$86,000 in digital currencies and cashed out only US$500. Seo stated to the Wall Street Journal that he thought, what was the point of holding money in the bank. He spoke about PlusToken to his friends, attended conferences of the platform, and became its follower.

In June 2019, however, authorities from China came into conclusion that PlusToken was a crypto scam and allegedly arrested six Chinese citizens who were operating the platform from Vanuatu. The site stopped running after the arrest.

Seo And Several Others Lost Access TO “EVERYTHING”

As stated by Chainanalysis, other frauds and Ponzi schemes involved bitcoin and cryptocurrencies. These scams attracted at least, an investment of US$4.3 billion in 2019, which was higher than the stated combined US$3 billion looted in 2017 and 2018.

A former lead on criminal investigations involving digital currencies and special agent under Internal Revenue Service, Christopher Janczewski cited stories of bitcoin riches lured several inexperienced investors.

Scammers used that lack of experience against them. Janczewski told WSJ that many of it was dressed up traditional crime and they were still always driven by confusion or fear of missing the next boom.

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Shailesh Panwar
Shailesh Panwar

Shailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.