2026-01-06 00:21:57

The wave of blockchain technology keeps rolling forward, but undercurrents are surging. Many practitioners, under the banner of "innovation," are actually engaged in scams and deception. What's the final outcome? See you in court.

First, let's talk about the PlusToken case. In early 2018, a person named Chen Bo built a platform whose core selling point was just one sentence—"Smart Dog Mining" can bring you high returns. How did they attract people? By requiring you to deposit digital currency as an entry fee, then giving you rebates based on how many people you referred. This scheme eventually built a pyramid structure with 3,293 layers. The involved funds exceeded 14.8 billion yuan, and the virtual currencies seized included 194,800 Bitcoin and 833,000 Ethereum. As a result, Chen Bo was sentenced to 11 years, while core gang members like Ding Zhanqing and Peng Yixuan received sentences ranging from 2 to 10 years, with fines up to 6 million yuan.

WoToken used a similar approach. Also claiming to be blockchain-based, it attracted investors with false advertising, ultimately defrauding 7.7 billion yuan. The organizers expanded their scale by developing agent hierarchies and promising "free money from the sky" returns, but were eventually convicted of organizing and leading pyramid schemes. The appellate court did not spare any of them, dismissing their appeals and upholding the original sentences.

These cases in front of us show what? They demonstrate how risky the virtual currency investment field can be. High promises, recruiting downlines, pyramid structures—just seeing these keywords should ring alarm bells.

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ParanoiaKing

· 01-08 21:15

Smart Dog Mining? Come on, that's hilarious. The name is absolutely perfect. --- 148 billion, everyone. How many people would need to be scammed to make that happen? It's terrifying when you think about it. --- Still waiting for a pie to fall from the sky? The pie didn't come, but the police arrived first. --- Pulling down offline, pyramid schemes, high returns—if you see all three, run. Really. --- There are actually people around me who got involved in PlusToken. Now they're all scared and hesitant to mention it. --- Starting in 2011, everyone. Chen Bo is basically paying tuition fees. --- Every time I see cases like this, I wonder—how greedy do you have to be to fall into this trap? --- I've never heard of WoToken's 7.7 billion. Is the detail that deep? --- Blockchain isn't all bad; it's too easy for bad actors to deceive people under its name.

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BtcDailyResearcher

· 01-08 20:32

Smart Dog Moving Bricks? Haha, this name is more cunning than a scammer. --- 14.8 billion, everyone. One hundred forty-eight billion. How many leeks does that scam? --- Back during PlusToken, I said something was off, and sure enough, a bunch of people got involved. Now they’re all regretting it to death. --- 3,293-layer pyramid. That number made me laugh. Purely a game of hot potato. --- Blockchain has been played out by these people. Who still believes now? --- Constantly shouting innovation, but it’s really just old tricks in new packaging. --- High returns plus downline recruitment. When this combo punch came out, I knew what was going on. --- 7.7 billion. What’s that concept? Bitcoin isn’t even worth that much. --- Chen Bo’s 11-year sentence is actually cheap. I think it should be doubled. --- Seeing promises of high returns and running away—that’s basic common sense, everyone. --- There are indeed too many pitfalls in virtual currencies; it’s hard to guard against all of them. --- Who were the ones scammed by WoToken? You have to trust these project teams a lot to fall for that.

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DevChive

· 01-08 19:35

Smart Dog mining? Laughing out loud, this is just a rat race disguised as technology 14.8 billion, how many people do you have to scam to get that... The pie falling from the sky is the return, and we retail investors are the pie High promises to recruit downline pyramid schemes, when you see these three signs, you should run In the crypto world, nine and a half out of ten things are scams The PlusToken case, with 3293 layers... it's ridiculously absurd Each one more ruthless, these days even scams have to "innovate"

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YieldWhisperer

· 01-07 21:36

honestly the math never added up on those schemes anyway

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ZeroRushCaptain

· 01-06 00:52

Smart dog mining? Haha, I got into this thing and now I’m at the bottom of the pyramid. Chen Bo made money, I lost, that’s the market rule in the crypto world. Referring friends gets you rebates? I’m still waiting for that line to come knocking on my door. 148 billion disappeared, my little hard-earned money is nothing, reverse indicators are always accurate. Seeing high promises, should I run? Bro, I’ve lost so much, how can I still run? PlusToken collapsed, WoToken also collapsed, when will it be my turn for a good day as a retail investor? See you in court, anyway, it’s better than just staying in the account waiting for zero. Starting in 2011, it looks like I have to stay alive and keep paying tuition. Damn, another pyramid scheme, is there no clean business in the crypto world?

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DAOplomacy

· 01-06 00:47

honestly, the incentive structures here are just... sub-optimal, to put it charitably. PlusToken's path dependency toward that 3293-layer pyramid wasn't accidental—it's what happens when you've got zero stakeholder alignment and governance primitives that actively reward deception. non-trivial externalities, fr fr.

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BearMarketMonk

· 01-06 00:47

History always repeats itself, just wearing a new disguise. --- Seeing these numbers, I find it ironic—14.8 billion, how many people's dreams have been shattered here. --- "Smart dog mining"... Oh my, the creativity of those who come up with this copywriting is truly impressive. --- From the pyramid to 3,293 levels, human greed has been quantified like this. --- Recruiting downlines, promising returns, virtual currencies... this combo has been effective for over ten years, which makes us all reflect on something. --- It’s always like this at the bottom—scammers and victims buried together. --- Behind 14.8 billion and 7.7 billion are millions of ordinary people's accounts being wiped out—numbness. --- The clearest lesson in the cycle, but no one wants to hear it. --- Thinking of those "Innovation Ambassadors," where are they now? --- The story of virtual currencies boils down to two words—greed, nothing else. --- One has been around for 11 years, and a group of people have been sentenced—see you in court... actually, I've seen this countless times before.

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YieldFarmRefugee

· 01-06 00:44

Smart Dog mining? Haha, this name just sounds suspicious. --- 14.8 billion? Wow, I just want to know what those early investors are thinking now. --- It's the same old downline scheme. Who still believes in that these days? --- I remember PlusToken, someone in the group went all-in back then. Not sure how it turned out now. --- High return promises + downline recruitment. As soon as this combo appears, I block immediately—no second look needed. --- Playing pyramid schemes up to 3293 levels—that's some serious deception. --- 11 years, and they deserve it—scamming so many people's hard-earned money. --- Basically, it's a pyramid scheme disguised as blockchain. Bitcoin and Ethereum can't save it. --- I'll just stick to regular investments. All these high-yield schemes are poison. --- WoToken 7.7 billion—that number sounds just outrageous.

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Rugman_Walking

· 01-06 00:30

Smart Dog Mining? Haha, what a name. It would be better to just call it "Smart Pump and Dump." 14.8 billion, brother. How many people do you have to cut? Again, recruiting downlines and offering high rebates. These tricks are so common that people still fall for them. I still remember the community fans defending PlusToken back then. What about now, everyone? Look at these numbers... 190,000 BTC, just gone like that. Who has suffered the biggest loss? When blockchain was hot, everyone dared to boast about everything. When the wind blows, they run, leaving a mess behind. A pyramid with 3293 layers—that must have taken ages to build. The professionalism is there, at least. They lost 7.7 billion, and some people still talk to them. The community ecosystem is probably just like this. 11 years, 11 years... Thinking about these people who spend every day figuring out how to cheat—are they worth it? The three words "high promises"—whenever I see them in the crypto world, I immediately turn around. Learned my lesson.

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MergeConflict

· 01-06 00:26

Smart dog mining? Uh... with a name like that, I knew it was no good 14.8 billion, how many people would have to be坑ed to pile up that much... I've heard too many promises of free money falling from the sky, and every time it's a scam Downlines, pyramid schemes... these tricks are everywhere, really need to learn a lesson Chen Bo has been in the game for 11 years, I think he deserves it, scams should be punished severely As long as it involves high returns + recruiting people, I now just run away Comparing these two cases makes it clear that virtual currency is just a breeding ground for scamming Mining? Pfft, you’d earn more and be safer working as a construction worker 14.8 billion... just imagining that number makes me wonder how there are still so many fools Blockchain definitely has prospects, but these scammers have muddied the waters so much WoToken’s 7.7 billion is just ridiculous, how are there still so many bagholders High returns + downline system = a guaranteed death combo, this formula should be made into posters and plastered all over the streets Looking at these two cases, it feels like the entire crypto world is shrouded in smoke and gunfire

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