The trial against the WoToken project, a scam that started 2 years ago in China and managed to collect more than 1 billion dollars in crypto, has commenced.
The court indicted six people for setting up a Multi-Level-Marketing (MLM) structure providing false stories, information and impossible earnings.
In just over a year of operation, from July 2018 to October 2019, this scam collected:
- 46 thousand Bitcoins (BTC);
- 2 million Ethereum (ETH);
- 292 thousand Litecoin (LTC);
- 56 thousand Bitcoin Cash (BCH);
- 684 thousand EOS.
These are really huge figures and it’s easy to understand how the 1 billion dollars has been surpassed. However, WoToken doesn’t come close to the profits of the giant PlusToken scam, which is still at the top of the ranking of the most famous crypto scams.
In any case, WoToken involved as many as 715,249 people and reached a pyramid level of 501 levels, hence pretty established. The modus operandi of the scam was to pay a membership fee and invite other people to invest in the mechanism and make them earn money in turn.
This system is obviously not sustainable and only benefits the scammers who have started the chain.
The false promise of profit involved various solutions:
- Minimum investment of $1,000, a daily interest between 0.25 and 0.5%, and a monthly interest between 6 and 15%;
- Minimum investment of $5,000, daily interest between 0.3 and 0.65%, and monthly interest between 10 and 20%.