Chinese police seize crypto assets worth $4.2 billion related to the PlusToken Ponzi scheme.

Chinese police have seized crypto assets worth more than $4.2 billion during the massive PlusToken Ponzi scheme crackdown.

According to a Chinese court ruling, Chinese police seized cryptocurrency worth more than $4.2 billion related to the massive PlusToken Ponzi scheme crackdown. In a November 19 judgment made public this week, the Jiangsu Yancheng Intermediate People’s Court has detailed the breakdown for the first time of all the crypto assets seized by Chinese police related to the PlusToken case. A total of 194,775 BTC, 833,083 ETH, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 487 million XRP, 6 billion DOGE, 79,581 BCH, and 213,724 USDT were seized during the crackdown. 

 

The court convicted 15 people associated with the PlusToken scheme. 

The Chinese court has convicted 15 people associated with the PlusToken scheme so far, sentencing jail time between 2 to 11 years, along with fines between $100,000 to $1 million. Earlier this year, local media reported that the Chinese police arrested 27 masterminds of the crypto scam. Several blockchain analytics companies tried estimating the value of the seized crypto assets from the Ponzi scheme. But this is the first time an official figure of the seized Plus Token-related crypto assets came out, which is $4.2 billion.

 

PlusToken reportedly hoarded over 50 billion yuan. 

Earlier local media reports showed that the fraudulent crypto scheme PlusToken hoarded over 50 billion yuan (around $7.6 billion). With over $11 billion, the present market price of all digital currencies absorbed by Plus Token dwarfs this estimate. The Chinese court detailed that the seized cryptocurrencies will be processed, and gains will be forfeited to the national treasury. However, the details of that were not furnished. According to the court ruling, over 2.6 million investors fell for the fraudulent crypto scheme, Plus Token 3,293 layers during its operation between April 6, 2018, and June 27, 2019. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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