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

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

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

November 28, 2020      Vandana Malik

Chinese Police have conducted a proper investigation on the PlusToken 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 provided the details about the matter on Thursday, November 26, 2020.

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:

“The seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury.”

Chinese Court Denied Appeals in the Case

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. 

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.

15 Convicts Sentenced to Jail

According to the Chinese court statement, the funds that this ponzi scheme 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.

READ  Swiss Government Adopts a Softer Tone on Libra
#$4.2B Seized Crypto #Chinese Court #Chinese Police #Denied Appeals #PlusToken #Ponzi Scheme
Vandana Malik
Vandana Malik

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.