According to a new court judgment, China police have seized crypto assets worth more than $4.2 billion from the PlusToken Ponzi scheme crackdown.
PlusToken Ponzi Scam
The PlusToken case was ordered on September 22 by a lower-level district court in the city of Yancheng in China’s Jiangsu province. According to a report, 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 have been caught by Chinese law enforcement from seven criminals.
The court said,
The seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury.
The Yancheng Intermediate People’s Court has rejected the claims and gave the decision in the favor of the district court in the November 19 final judgment and revealed details concerning the unlawful matter.
According to the latest judgment, the plan to take down the PlusToken scam authoritatively commenced in May 2018 and issued a non-existent crypto arbitrage trading platform. It assured users handsome daily rewards but would want them to save at least $500 worth of crypto assets in order to compete. Between April 6, 2018, and June 27, 2019, the Ponzi scheme brought more than 2.6 million members over 3,293 layers, the court said. During this time, the scheme received more than 314,000 BTC, 117,450 BCH, 96,023 DASH, 11 billion DOGE, 1.84 million LTC, 9 million ETH, 51 million EOS, and 928 million XRP.
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