WoToken
Summary
WoToken was a Chinese cryptocurrency multi-level marketing Ponzi scheme that operated from July 2018 to October 2019, defrauding approximately 715,249 investors of roughly 7.7 billion yuan (approximately $1.1–$1.15 billion USD) in cryptocurrency. Six defendants were tried in May 2020 and four primary operators received prison sentences of up to 8.5 years following a second-instance ruling by the Intermediate People's Court of Yancheng City, Jiangsu Province in October 2020. At least one operator was reported to have prior involvement in the PlusToken scheme, leading observers to describe WoToken as 'PlusToken 2.0.'
Connected Entities
1 entities · 10 linked investigationsTimeline(9 events)
2018-08
WoToken launched operations, accepting cryptocurrency deposits from investors across China
Bitcoin.com News2019-07
PlusToken scheme dismantled by Chinese authorities; WoToken continued operating independently
CoinTelegraph2019-10-08
WoToken had accumulated 715,249 users and 7.7 billion yuan in crypto assets across 501 MLM levels
The Block2020-04-04
WoToken blocked user withdrawals, citing alleged technical issues, precipitating collapse
Quadriga Initiative2020-05-14
Trial of six WoToken defendants began in the People's Court of Binhai County, Yancheng City
CryptoPotato2020-10-27
Intermediate People's Court of Yancheng City denied all appeals and issued final sentences: Gao Yudong 8.5 years, Li Qibing 7 years, Wang Xiaoying 7 years, Tian Yongbo 2.5 years
Blockcast.cc / Bitcoin.com NewsDecision Log
- hash: 13bev2dtYokTb2hwZFRm73nqeQoNyzsw83X9ZtBmfoY
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 5/31/2026, 8:20:45 PM
last updated: 5/31/2026, 8:20:48 PM
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