<span style="font-weight: 400">Chinese Police have conducted a proper investigation on the <a href="https://www.cryptoknowmics.com/news/plustoken-100-core-members-arrested-by-chinese-government/">PlusToken</a> ponzi scheme and seized $4.2 billion worth of crypto connected to it. Although the judgement in this matter came on November 19, 2020. Jiangsu Yancheng Intermediate People’s Court, a Chinese court, has <a href="https://asiatimes.com/2020/11/chinese-police-seize-crypto-worth-4-2-billion/" target="_blank" rel="nofollow noopener">provided</a> the details about the matter on Thursday, November 26, 2020.</span>

<span style="font-weight: 400">Chinese court reveals that the police have seized crypto from a total of seven countries. The seized crypto includes BTC, ETH, LTC, EOS, DASH, XRP, DOGE, BCH, and USDT. The court statement reads:</span>

<i><span style="font-weight: 400">“The seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury.”</span></i>
<h2><b>Chinese Court Denied Appeals in the Case</b></h2>
<span style="font-weight: 400">Back on September 22, 2020, a lower-level district court in China has initially ruled this case. During that time, it was revealed that the PlusToken ponzi scheme has defrauded more than 2 million people in China for around $7.6 billion. The Chinese court has not revealed the initial judgement because few of the convicted have appealed in the higher court. </span>

<span style="font-weight: 400">Now it is revealed that the Chinese court has denied all the appeals made by the convicts and has disclosed the final details regarding the same. PlusToken scam is a recent one as it began in May 2018 and has promised people to give them huge daily payouts. It has asked the investors to invest the minimum amount of $500 to participate. Within a year, the ponzi scheme was able to attract more than 2.6 million members.</span>
<h2><b>15 Convicts Sentenced to Jail</b></h2>
<span style="font-weight: 400">According to the Chinese court statement, the funds that this <a href="https://www.cryptoknowmics.com/news/chinese-authorities-arrests-six-individuals-over-58b-plustoken/">ponzi scheme</a> has acquired were worth $2.2 billion during that time. This will be worth around $11 billion at the current price of crypto. In this case, fifteen people have been convicted and are sentenced to jail for around 2 to 11 years. The market impact has not been calculated yet but such a huge amount of cryptocurrency is going to have a substantial impact.</span>

Chinese Court Reveals Details of $4.2B Seized Crypto From PlusToken

Chinese court have revealed that the police has seized $4.2 billion worth crypto from PlusToken ponzi scheme and stated the final judgmen.

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

Chinese Court Reveals Details of $4.2B Seized Crypto From PlusToken

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