Chinese police have finally arrested all 27 primary suspects involved in the Plus Token Ponzi scheme.

The investigation led by the Ministry of Public Security successfully arrested all the major suspects and 82 key members of the case, reported Chinese financial news outlet CLS.

The Multi-level marketing (MLM) scheme has reportedly grown to 3,000 layers in the past year, frauding more than 2 million people for a whopping over 40 billion yuan, about $5.7 billion.

A year back in August, Chinese police officials arrested six suspects involved in this scheme, but the main suspects were still on the run at that time.

With this Ponzi scheme, the Chinese police have cracked down on one of the biggest Ponzi Schemes involving bitcoin as an exchange method.

PlusToken was launched in early 2018 and then in mid-2019 when some users couldn't withdraw their funds from the wallets; it solidified the earlier suspicions of it being a pyramid scheme although the company tried to brush it off as a “hacker attack.”

Over these months, PlusToken has been a red sword hanging on bitcoin’s price’s head as time, and again the stolen funds were moved. Just last month, its entire Ether stash, about 790,000 ETH, was moved, spreading a wave of terror that it may cause Ethereum price to dump.

Given that bitcoin bulls now have “little to no baggage,” Dovey Wan, founding partner of Primitive Crypto, said, “let's send it to the moon.”

The leading cryptocurrency is currently trading just over $11,000 after breaking key levels $10,000 and $10,500 this week.

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