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November 28, 2020 12:30 pm

Chinese Police Have Seized $4.2 Billion Cryptos from PlusToken Ponzi Crackdown

Crypto assets worth more than $4.2 billion have been seized by Chinese police during the massive PlusToken Ponzi scheme crackdown, according to a new court ruling. From a report: In a November 19 judgment made public on Thursday, the Jiangsu Yancheng Intermediate People's Court has detailed the breakdown for the first time of all the crypto assets seized by Chinese police related to the PlusToken case. 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 seized by Chinese law enforcement from seven convicts during the crackdown. These assets, at today's prices, are worth over $4.2 billion in total. As part of the ruling, 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." However, the Yancheng Intermediate People's Court doesn't elaborate on how much of the seized crypto assets have been or will be "processed" or via what method exactly. The PlusToken criminal case was initially ruled on September 22 by a lower-level district court in the city of Yancheng in China's Jiangsu province.

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