In 2018, the cryptocurrency community was introduced to a project called Cloud Token. Similar to the Ponzi scheme Plustoken, CTO called itself the first online wallet that could integrate all the popular crypto assets out there today. The creators claimed CTO was a ‘4.0 blockchain project’ and the wallet held USDT, TUSD, BCH, CTO, BTC, LTC, ETH, and DOGE. Just like Plustoken, CTO promised 6-12% interest every month. The project was initially founded by the project’s lead developer Ronald Aai and project manager Daniel Csokas from Singapore. “The crypto scam stole over $500 million from unsuspecting holders, claiming it’s a decentralized wallet that would reward its users for holding coins,” the anonymous person stressed. “Payment was to be received in the form of the company’s utility token and the reward would be 6% to 10% of the invested coin amount. [Meanwhile] the man promising all these rewards vanished with funds from over 800,000 members wondering when and how they will get their initial investment back.”
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