Wallet Scams In Cryptocurrency Realm In The First Half Of 2019 (Series I), Have You Been Cheated?

6 min readJul 31, 2019


In the first half of 2019, the absconding of wallets, exchanges, and project parties was nothing new, awakening the investor’s dream of making money. This article will summarize the wallet scams and expose their fraud methods. Let’s take a look at the details and see if you’ve been cheated.

No.1 Plus Token

Collapse Time: June 27, 2019

Amount Involved: More than 33 billion RMB

Number of Investors Involved: 1.37 million

Review of the whole event: On June 27, the Plus Token, which promised horrendous profits to each of its investors, suddenly failed to withdraw cash without an official announcement, causing the panic among the community. Vanuatu Daily Post reported on June 29 that six Plus Token traders, including Chen Bo (Chen Zihan), Ding Zanqing and Peng Yixuan, etc., were arrested in the country, who were then repatriated and handed over to the Yancheng police on July 9. Thus, Plus Token collapsed!

“Plus Token Wallet” is a typical pyramid scheme in the name of “blockchain”. According to the data, Plus Token was established in April 2018, claiming to make profits with — yes, yet another miraculous undisclosed tradebot. Surprisingly, the plus token wallet does not provide retail products and services. Instead, affiliates earn commissions by marketing the affiliate program and recruiting new members. Plus Token Wallet affiliates download a mobile app, through which they invest funds on the promise of a monthly 6% to 18% ROI. Residual commissions on monthly ROI payments are paid out via a unilevel compensation structure. According to its Chinese community website, Plus Token involved 170 countries and regions, with 1,376,566 members, and its website is currently inaccessible.

No.2 MoreToken

Collapse Time: January 16, 2019

Amount Involved: More than 1.2 billion RMB

Number of Investors Involved: Unknown

Review of the whole event: On January 16, 2019, MoreToken issued a notice stating that during the Ethereum hard fork Constantinople, the platform will start system maintenance and launch an air currency MIET. Then shortly after the announcement, the URL cannot be opened and investors were replied: “The server was attacked by a large number of hackers, the data was completely garbled, and the digital assets were partially stolen…”. However, as of now, the question has not been resolved yet. MoreToken is suspected of absconding. According to the news, only the digital assets existed in the two known wallets was 1.2 billion RMB.

MoreToken was launched in August last year, advertised that its technology research and development team were from Silicon Valley and Singapore, is a wallet product similar to imToken. Its built-in “smart rabbit” arbitrage system can bring profits to investors. MoreToken claimed to challenge Plus Token, however, the similar unilevel commission system and high ROI promise made it just a poor copy of Plus Token.

No.3 Wave Field Super Community

Collapse Time: June 30, 2019

Amount Involved: More than 1 billion RMB

Number of Investors Involved: Hundreds of thousands of investors

Review of the whole event: On the morning of June 30, the official group of Wave Field Super Community announced that it was hacked and would suspend service for maintenance, but how long would it take was unknown. By 10:00 on June 30, its App could not be downloaded and opened, users realized that the team might have gone bust. What is even more surprising is that the wallet assets were all transferred out a few days ago. Over the past five months, the Wave Field Super Community has taken away crypto worth more than 1 billion RMB, and the number of victims has reached hundreds of thousands.

TRON issued a response on July 8 in which it makes very clear that it used its WeChat messaging group in order to warn the TRON investors that there’s this group called “Wave Field Super Community” and it was posing as TRON to attract investors. Justin Sun, founder of TRON and CEO of BitTorrent said: “The victims had been promised high rates of return on their investments in the name of TRON, BitTorrent and uTorrent.”

Justin Sun did not clarify the relationship between the project and TRON until the Ponzi scheme was debunked. Whether TRON was involved in or it was just a coincidence, only TRON itself knows.

No.4 TokenStore

Collapse Time: June 10, 2019

Amount Involved: Billions of RMB

Number of Investors Involved: More than 3,000

Review of the whole event: Known as a decentralized smart wallet with intelligent “AlphaGo” system. TokenStore claims it can automatically identify the volume, activity and price difference of the major trading platforms in the world, and then buy low and sell high among platforms to earn profit for investors. It claims to be profitable regardless of ups and downs of the market, with monthly earnings of 40% to 80%, or even double. Investors have spontaneously organized rights safeguard groups and sued the platform. According to incomplete statistics, more than 3,000 people had been victims, and billions of RMB were involved.

On May 31, TokenStore declared to suspend its services for system upgrade and maintenance but has thus far declined to comment on the reason why. On June 10, one of the leaders of TokenStore in China said in WeChat investor group that TokeStore might be gone. Now, TokenStore has frozen withdrawals, deposits, and orders with its website closed.

This is another copy of Plus Token, and the scams are nearly the same as the previous ones, even the excuse for collapse. Though investors tempt to use legal weapons to protect their rights, the road to safeguarding is not easy. It is necessary to be cautious in making investments in the future.

Statistics show that more than 20 digital wallets absconded in the first half of 2019. Disguised as the money management tool and the shortcuts to wealth, these wallets are the Ponzi Schemes in the name of “blockchain” and “digital assets”. This article only lists some of them and is aimed to make more people understand the truth, getting away from the wallet scams.

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