$4.2 Billion Worth of Crypto-Assets Just Got Seized By the Chinese Police in Response to a Plus Token Ponzi Scheme

$4.2 Billion Worth of Crypto-Assets Just Got Seized By the Chinese Police in Response to a Plus Token Ponzi Scheme

One of the biggest Ponzi schemes to have been pulled off by crypto-hackers in history might be the PlusToken Ponzi. The scammers running this scheme have been reported to have victimized millions of innocent investors.

However, there is a breeze of good news for the victims of the PlusToken Ponzi scheme as well as the entire crypto-community. It has been reported that the Chinese Police have been able to put a stop to this fraudulent scheme.

So far, the Chinese authorities have confirmed that they have managed to conduct 109 arrests. The arrests have been conducted against the perpetrators of the PlusToken Ponzi scheme.

The best announcement made by the Chinese Police in regards to the case is the crypto-assets that it has managed to seize. The Chinese Police have confirmed that it has managed to seize an enormous number of crypto-assets in the process.

In today’s price and conversion rates, the total number of crypto-assets that the Chinese Police has managed to seize is around $4.2 Billion.

The detailed information around the confiscated crypto-assets was publicly released by the Chinese court on November 19, 2020. As per the report, the Chinese Police managed to seize a staggering amount of assets belonging to different cryptocurrencies.

The Chinese court revealed that the currencies seized include Bitcoin (BTC), Ether (ETH), Litecoin (LTC), ESO, Dash, XRP, Dogecoin (DOGE), Bitcoin Cash (BTC), and Tether (USDT). The public release report has also quantified the cryptocurrencies that were seized by the Chinese Police.

From the list of major cryptocurrencies, there were 194,775 BTC, 833,083 ETH, and 1.4 Million LTC seized by the Chinese Police. Furthermore, there were 27.6 million EOS, 74,167 Dash, 487 Million XRP, 6 billion DOGE, 79,581 BCH, 213,724 USDT seized by the Chinese Police.

The Police revealed that it managed to confiscate these many cryptocurrencies from seven individuals that were convicted for the PlusToken Ponzi scheme.

Right after making the announcement, the Yancheng Intermediate People’s Court has given out its ruling. As per the ruling, all of the confiscated crypto-assets by the Chinese Police will be forfeited to the national treasury.

However, it is yet to be revealed as to how the seized crypto-assets will be dealt with as per the national laws. The PlusToken Ponzi Scheme was first launched by the perpetrators back on the 18th of February, 2018. At launch, the PlusToken scheme presented itself as a cryptocurrency exchange that was based in South Korea.

Additionally, the PlusToken scheme also portrayed itself as a wallet provider. On top of that, the PlusToken scheme made investors believe that their wallet accounts could help them make interests between 8% and 16% per month.