Crypto Assets Worth Over $4B Have Been Seized By Chinese Authorities From PlusToken Scam
Chinese authorities have cracked down on a notorious PlusToken Ponzi scheme and have seized a massive amount of funds worth of cryptocurrencies. According to a court ruling of November 19, the Jiangsu Yancheng Intermediate People’s Court has provided details over this PlusToken scam crackdown and revealed digital assets seized by the Chinese police during it.
Breakdown of the seized digital assets
Reportedly, the breakdown of all digital assets confiscated during the PusToken scheme by the authorities of China has been detailed for the first time by the court. As per the court ruling, more than $4 billion worth of digital currencies have been confiscated by the Chinese Police. Chinese law enforcement has confiscated this large volume of digital assets from around seven convicts involved in the PlusToken Ponzi scheme.
Chinese Police seized a gargantuan amount of 194,775 Bitcoin (BTC) from fraudsters. This amount represents approximately 1 percent of the entire circulating supply of the world’s largest cryptocurrency by market cap. It is worth over $3 billion at the coin’s price rate of $16,700, at the press time.
Not only Bitcoin (BTC) was seized in this crackdown but various other major cryptocurrencies were also confiscated by the police. The other seized digital assets include 833,083 Ether (0.73 percent of ETH’s total supply) worth $435 million, 487 million XRP ($271 million), 79,581 Bitcoin Cash (BCH), 1.4 million Litecoin (LTC), 6 billion DOGE, 74,167 DASH, and 27.6 million EOS. Moreover, a total of 213,724 in Tether (USDT) the world’s largest stablecoin was also taken out from the fraudsters of this malicious scheme.
This is the breakdown of all cryptocurrencies confiscated by the Chinese authorities and detailed by the Jiangsu Yancheng Intermediate People’s Court.
Seized digital assets will be handed over to the national treasury
Furthermore, the court has said in its ruling that the authorities will process all of these digital assets seized from criminals in accordance with laws. And these gains and proceeds will then be handed over to the national treasury.
However, no more details regarding the procession of these seized assets have been disclosed by the court.
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