Crypto assets worth over $ 4.2 billion at today’s price have been seized by the Chinese police during the enormous crackdown of the PlusToken Ponzi Scheme.

On November 19, court filings were made public and posted by The Block. On the same day, the Intermediate People’s Court near the Jiangsu Yancheng has explained for the first time the disintegration of all the crypto assets grasped by Chinese police during the crackdown of the PlusToken Ponzi Scheme. 

During the crackdown, a total of 833,083 ETH, 27.6 million EOS, 194,775 BTC, 1.4 million LTC, 487 million XRP, 79,581 BCH, 74,167 DASH, 6 billion DOGE and 2,13,724 USDT have been grasped from seven convicts by the Chinese law enforcement.

The price of these assets are worth more than $ 4.2 billion. According to the ruling from the Intermediate People’s Court in Jiangsu Yancheng, gains from the seized digital cryptocurrencies will be forfeited to the national treasury.

The method via seized crypto assets will be processed and in what quantity is yet not spelled out by the Yancheng Intermediate People’s Court.

Initially, the white paper of PlusToken Scheme was released in February 2018. It had introduced itself as a provider of crypto exchange and wallet in South Korea.

Further, it explained that it could provide users with money market accounts capable of generating monthly returns between 8% to 16% with a minimal deposit of $500 in crypto assets.

As per the reports in September 2020, more than 2 million people were defrauded by the planners of the crypto Ponzi scheme for more than $ 7.6 billion or 50 million yuan.

The evaluated figure of 2.6 million of members was disclosed by the Yancheng Intermediate People’s Court. Additionally, they outlined that by June 27,2019, the scheme absorbed 117,450 BCH, 11 billion DOGE, 3,14,000 BTC, 9 million ETH, 96,023 Dash, 1.84 million LTC, 51 million EOS and 928 million XRP.

Crypto Business World

CBW - External Analyst

INDIA