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WOW another mega-size crypto Ponzi WOTOKEN just second to PlusToken gets clamped down by Chinese police and by reading the court ruling material here are some eyes whopping data

TLDR

active July 2018 to October 2019, WoToken scammed total over **1 BILLION USD**
Total registered users: 715,249

Total hierarchical levels: 501

Total scammed crypto

46,000 Bitcoin
2.039 million ETH
292,000 Litecoin
56,000 Bcash
684,000 EOS

According to the price on the day police involved, total value is more than 7.769 billion yuan ($1B USD)
news all over Chinese media already

m.fn.com/lives/127902.h…

here is the detailed court ruling

qianba.com/news/p-415391.…
Jesus

one the core criminal involved in WoToken is formerly key scammer from PlusToken ...
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More from @DoveyWan see all

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Dovey 以德服人 Wan 🪐🦖
@DoveyWan
RN I’m watching a “live streaming commerce” on Taobao with my mom, with over 18 MILLIONS others watching and shopping together

This “online night market” phenomena is an amazing by-product of COVID 19 in China

I will try to explain the origin and mechanism in this thread
The prerequisite:

There are two kinds of infrastructures Physical highway and information highway

China has been building massive network on both. The physical highway that leads to the very rural areas and internet access covers entire China (now is undergoing 5G upgrade)
The origin of “streaming commerce”

Starting last 2 years, online shopping behavior has seen a huge paradigm shift: from previous in the standard Taobao shop where you interact with CS ppl there, to shop with influencers who showcase items in live streaming
Read 11 tweets
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Dovey 以德服人 Wan 🪐🦖
@DoveyWan
Sample size ~20

Hang out with my school friends in Guangzhou, asked them in person “are you mad with CCP this time”

Most answered are more or less the same “I would be madder if economy is fucked, now I have not time to think abt it as need to get my shit together first”

1/
This is how “high functional pragmatism” kicks in: as long as economy is fine, politics/hr etc is never my concern

Comparing history of both sides, a key distinction is western revolutions are mostly led by elites vs China, always the bottom class who were too poor to survive
another one

this characteristic on one hand unites everybody’s goal towards economic growth and future prosperity really well, so folks can “well-behave” in order to get there, the big economy machine is less frictional
Read 5 tweets
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Dovey 以德服人 Wan 🪐🦖
@DoveyWan
a buddy of mine wechat me

“Last time in SARS we are too young to be awaken and jumped on thing, but this time we are not blind “

Thought he gonna continue of CCP criticism, but he ended up telling me the behavioral paradigm shift and business opportunity he observed 😅

1/
This is a good manifestation of life priority for many aspiring Chinese, a typical Chinese version NIMBY mentality

Many will prioritize “capture the once in a life time business opportunity” of all

They may scrutinize social issue for just a few second and move on as usual
High functional pragmatism is what rooted deeply in many of us, from our parents to their parents

This is VERY important realization I got recently and a key reason why I’m very optimistic abt China’s figure economy growth

Human capital is the most valuable of all
Read 4 tweets

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