Copy link
Increase text size
Decrease text size
Link copied

$4.2B in crypto including BTC, ETH, LTC, and EOS seized by Chinese authorities from Ponzi scheme

Chinese authorities recovered various cryptocurrencies worth more than $4.2 billion from the TokenPlus Ponzi scheme operators.

Image by WorldSpectrum from Pixabay

Sat, 28 Nov 2020, 13:17 pm UTC

Billions of dollars in cryptocurrency were seized by Chinese law enforcers from the operators of the PlusToken Ponzi scheme. The seized crypto assets included Bitcoin(BTC), Ether(ETH), Litecoin(LTC), and EOS.

Chinese police confiscated crypto assets from seven individuals involved in the Plustoken Ponzi scam, Cointelegraph reported. The cryptocurrencies are valued at more than $4.2 billion in total based on prevailing market rates.

Police seized 194,775 bitcoin (BTC), 833,083 ether (ETH), 1.4 million litecoin (LTC), and 27.6 million EOS based on a court ruling made public on November 26, according to Bitcoin.com . The other cryptocurrencies confiscated by authorities include 79,581 bitcoin cash (BCH), 487 million ripple (XRP), 213,721 tether (USDT), 74,167 DASH, and 6 billion DOGE.

The Yancheng Intermediate People’s Court ruling stated that gains from the confiscated digital currencies will be forfeited to the national treasury. However, reports did not give details on how this process will be undertaken.

In July, authorities arrested 109 individuals were arrested due to their involvement with the Plustoken Ponzi scheme. Reports say that 27 of those arrested were believed to be masterminds while 82 were key members of the group.

The PlusToken scheme claimed to be a South Korean crypto exchange and wallet provider that offered between 8% and 16% monthly returns on interest-bearing accounts. The operators required $500 in cryptocurrency as a minimum deposit.

The scheme became popular and attracted over 2 million members between May 2018 and June 2019. During the span of its operation, the scam raked in 314,000 BTC, 9 million ETH, 117,450 BCH, 1.84 million LTC, 928 million XRP, 51 million EOS, 96,123 DAH, and 11 billion DOGE.

At that time, the total cryptocurrencies the group scammed from its victims were estimated to be worth 14.8 billion yuan or roughly $2.2 billion. But with the current crypto prices, that value would be much higher today.

The group ceased its operations in June 2019 and used “system maintenance” as their explanation, which is a typical exit strategy among scammers. The police convicted 15 people who were sentenced to between two and 11 years of jail time as well as fines between $100,000 and $1,000,000.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $56,819.00 (+4.12%)
  • Ethereum (eth) $3,436.71 (+4.31%)
  • Binance Coin (bnb) $640.28 (+1.62%)
  • Dogecoin (doge) $0.611195 (-10.16%)
  • XRP (xrp) $1.64 (+15.46%)
  • Bitcoin (btc) $56,819.00 (+4.12%)
May 6, 2021 (Thursday)
02:30
Crypto Market Sentiment On May 06: Market In "Greed"
May 5, 2021 (Wednesday)
10:55
BTC Surges by 1.0% Within 5 Mins, Marking 55,805.6 USDT
May 4, 2021 (Tuesday)
23:49
BTC Drops by 1.01% Within 5 Mins, Marking 53,401.81 USDT
18:42
BTC Surges by 1.02% Within 5 Mins, Marking 54,642.47 USDT
14:37
BTC Drops by 1.38% Within 5 Mins, Marking 54,500.01 USDT
14:30
BTC Drops by 1.66% Within 5 Mins, Marking 55,268.1 USDT
00:52
BTC Drops by 1.51% Within 5 Mins, Marking 55,892.58 USDT
May 3, 2021 (Monday)
20:36
BTC Drops by 1.14% Within 5 Mins, Marking 56,646.7 USDT
13:51
BTC Drops by 1.22% Within 5 Mins, Marking 57,468.02 USDT
07:32
BTC Surges by 1.06% Within 5 Mins, Marking 58,600.82 USDT
01:41
BTC Surges by 1.0% Within 5 Mins, Marking 58,266.9 USDT
May 2, 2021 (Sunday)
03:40
BTC Drops by 1.09% Within 5 Mins, Marking 56,520 USDT
Apr 30, 2021 (Friday)
20:06
BTC Drops by 1.06% Within 5 Mins, Marking 56,424.32 USDT
10:00
XRP Tops List Of Crypto Net Inflow With $132.86 Mln In Past 18 Hours
04:39
TriumphX, NFT Marketplace Sole-X Beta Version Launched
02:02
Data Summary Of Boboo.com's Perpetual Contract: April 30
02:00
BTC Tops List Of Crypto Net Outflow With $203.08 Mln In Past 10 Hours
00:30
BTC Surges by 1.15% Within 5 Mins, Marking 53,749.11 USDT
Apr 29, 2021 (Thursday)
20:21
BTC Surges by 1.14% Within 5 Mins, Marking 53,070.31 USDT
18:06
BTC Surges by 1.06% Within 5 Mins, Marking 52,646.31 USDT
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft