Chen Bo
Founder of PlusToken, one of the largest crypto Ponzi schemes ever — a ~$2.25B+ pyramid (2018–2019) that drew 2M+ members with a fake 'arbitrage' return. A Chinese court convicted him and 13 others in 2020, with sentences up to 11 years.
Also known as: Chen Bo
Bio
Chen Bo set up PlusToken in early 2018 as a blockchain "wallet" that promised investment returns of 6–18% from a purported crypto-arbitrage business, recruiting members (who paid fees in cryptocurrencies) through social media and offline events. It was a Ponzi scheme — one of the largest ever — that absorbed cryptocurrencies worth at least ~$2.25 billion (some estimates far higher) from more than 2 million members. In January 2019, Chen and associates fled to Cambodia to continue the scheme before its mid-2019 collapse. [1][2]
Legal outcome
China's Yancheng Intermediate People's Court (Jiangsu) convicted Chen Bo and 13 other operators in late 2020, handing down prison terms of two to 11 years and large fines; authorities seized a vast crypto cache (≈194,775 BTC among other assets). [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
- Chinese cryptocurrency scam ringleaders jailed in US$2.25 billion PlusToken Ponzi — South China Morning Post
- Ringleaders of PlusToken Scam Jailed for Up to 11 Years — CoinDesk
See also
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Crowd Machine (CMCT)Tokens
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