WoToken
A China-based MLM 'wallet/trading' Ponzi (2018–2019) that falsely claimed trading bots generated profits. A Chinese court found it took ~7.7 billion yuan (~$1.1B) from 715,000+ investors; operators were convicted in 2020. Closely tied to the larger PlusToken scheme.
Also known as: WoToken, WOR, Gao Yudong
Summary
WoToken was a China-based cryptocurrency Ponzi scheme (2018–2019) that operated as a multi-level-marketing "wallet" and trading platform, falsely claiming algorithmic trading bots generated profits. A Chinese court found it took about 7.7 billion yuan (roughly $1.1 billion) in crypto from more than 715,000 investors. [1][2]
Outcome
In 2020, a court in Yancheng convicted multiple operators — including Gao Yudong, Li Qibing, Wang Xiaoying, and Tian Bo — with sentences ranging from six months to about 8.8 years, and seized roughly 425 million yuan (~$64 million) in proceeds. Reporting noted WoToken was closely tied to the larger PlusToken scheme, with at least one core operator linked to both. [1][2][3]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (3)
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
This page was last updated on Jun 8, 2026. View revision history.