Cryptocurrency Investor Warning: Plus Token Wallet Reported as a Scam
Why The Plus Token Wallet is a Scam
The Plus Token is a mobile cryptocurrency wallet platform. On its website, the project reveals its founder as ‘Mr. Leo,’ and provides a picture of him standing behind a podium wearing a baseball cap. The website was registered under a private domain in September this year.
The Plus Token Wallet mainly targets clients living in Asia. In this regard, there is a graphical roadmap that is written in Chinese. Also, the site talks about an event that was recently conducted in Japan, as well as a purported ‘grand opening’ ceremony held in South Korea in September. The website is available in a variety of languages, including German, Vietnamese, English, Korean, Chinese, Russian, Japanese, and Indonesian.
Despite all the information on the website, the platform does not clearly identify its owners. It is therefore advisable for investors to exercise caution before investing in such as a service because there is a high probability that it is a scam.
Plus Token Wallet Products
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.
The Plus Token Wallet Investment Plan
After downloading the plus token wallet mobile app, affiliates are expected to earn an ROI of 6% to 18% after every month. Commissions are derived from the monthly payments earned by an affiliate and paid out using a unilevel compensation structure. A unilevel model comprises of a specific affiliate at the top tier, with their recruits on the level below. If the recruit refers a new member, the new member is added to the third tier, and so on. This goes on until the unilevel team has ten tier, which is the acceptable maximum. The residual commissions are then paid out using the following criterion:
- Level 1 – 100%
- Level 2 to Level 10 – 10%
To join the Plus Token Wallet as an affiliate is free. However, members have to invest at least $500 to earn the monthly ROI and residual commissions as mentioned above.
The source of the monthly ROI payments made by Plus Token Wallet is an arbitrage bot that also conducts crypto cloud mining. However, the existence of this bot remains dubious, as the wallet does not provide sufficient proof.
Additionally, the business model of this company suggests that it is a typical Ponzi scheme. A company that guarantee monthly profits of up to 18% should not be forcing its members to commit $500 as an investment.
Fundamentally, the Plus Token Wallet is a closed-loop scam because the only verifiable source of income is new membership. After downloading the app, users send their crypto assets to Mr Lee and his associates. The wallet features a crypto token called the PlusCoin. This is a means of fleecing real funds from investors who unknowingly buy this worthless coin.
As is typical with scamming multilevel marketing crypto platforms, Plus Token Wallet will eventually collapse with the ROI payments exceeds the income from new memberships. To make matters worse, its closed-loop nature means that the platform will be inaccessible when Mr Lee runs away.
The Plus Token wallet platform is evidently a scamming project that intends to con crypto investors. Although the website might have paraded ‘millionaires’, its features indicate that it is the archetypal crypto Ponzi scheme.