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.
Sources (3)
See also
World Liberty Financial (WLFI) — Justin Sun token freezeProjectsWLFI, a DeFi project linked to Donald Trump and his family, blacklisted/froze the wallet of major investor Justin Sun in Sept 2025 — ~540–595M unlocked WLFI tokens (~$107M) plus ~2.4B locked. Sun sued, alleging an undisclosed admin 'blacklist backdoor'; WLFI denied it and threatened a countersuit. The dispute is ongoing.
Gala Games exploitTokensOn May 20, 2024 an attacker abused a privileged minter account on the GALA token contract to mint 5 billion GALA (≈$200M+ nominal) and dumped ~600M of them for ~$22M of ETH before Gala froze the address. Gala Games called it an internal access-control failure; the attacker later returned the ~$22M.
This page was last updated on Jun 15, 2026. View revision history.
