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WOTOKEN
WoToken, a Chinese crypto trading platform, promised investors high returns through algorithmic trading bots and referrals but turned out to be a Ponzi scheme.
By May 2020, it had defrauded 715,429 people of $1.1 billion (7.8 billion yuan) in cryptocurrencies, China's second-largest crypto fraud.
The Co-founders Gao Yudong and Tian Yongbo, previously convicted of financial crimes, hid their history from investors. Four men, including the co-founders received prison sentences (2.5-8.8 years). However, only $63.6 million of the stolen funds were recovered, leaving victims with significant losses. 0 reply
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