Chinese Police Seize $4.2 Billion in Multiple Cryptocurrencies From Plustoken Ponzi Clampdown

Saturday 28 November 2020, 8:54 AM AEST - 1 month ago

Chinese Police Seize $4.2 Billion in Multiple Cryptocurrencies From Plustoken Ponzi Clampdown

Chinese police have seized more than $4.2 billion worth of crypto assets in its clampdown against the Plustoken Ponzi scheme.

According to a court ruling made public on Nov. 26, and shared by The Block, law enforcement confiscated a total of 194,775 bitcoin (BTC), 833,083 ether (ETH), 1.4 million litecoin (LTC), and 27.6 million EOS.

They also took 74,167 DASH, 487 million ripple (XRP), 6 billion DOGE, 79,581 bitcoin cash (BCH), and 213,724 tether (USDT).

The assets were seized from seven persons convicted during the police crackdown, says the court judgment. Altogether, the cryptocurrencies are valued at more than $4.2 billion, using prevailing market prices.

The Yancheng Intermediate Peoples Court ruling said once the digital assets are processed as per existing national laws, they will be forfeited to the national treasury. However, it is not clear how exactly this process will be done.

In July, police in China arrested 109 people linked with the Plustoken Ponzi scheme – 27 of whom were believed to be the alleged masterminds. Local media reported then that the racket had scammed $7.6 billion worth of crypto from over two million people.

The scheme touted itself as a crypto exchange and wallet provider, promising users who invested a minimum of $500 in bitcoin high daily payouts. The Yancheng Intermediate Peoples Court said Plustoken operated offi ...

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