Crime, China, Ponzi Schemes, PlusToken, CoinFlash

A police crackdown on the PlusToken Ponzi scheme in China has resulted in cryptocurrencies worth billions of dollars being seized.

  • In a Nov. 19 court ruling reported by The Block Friday, the Jiangsu Yancheng Intermediate People’s Court set out all the cryptocurrencies confiscated by law enforcement from the scam operators to date.
  • The document lists 194,775 bitcoin, 833,083 ether, 487 million XRP, 79,581 bitcoin cash, 1.4 million litecoin, 27.6 million EOS, 74,167 dash, 6 billion dogecoin, and 213,724 tether. 
  • At time of writing, the digital assets are worth almost $4 billion by CoinDesk’s calculation.
  • “The seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury,” the court ruled, per the report. 
  • The PlusToken scam will have taken even more than this massive sum from victims.
  • Previous sell-offs of ill-gotten gains have been linked to drops in the price of bitcoin, as supply suddenly spiked.
  • It’s not clear how China would dispose of the cryptocurrencies, per the report. If they were sold en masse for fiat currency it could again affect the prices of the cryptocurrencies in the seized pool.
  • As CoinDesk reported, all of PlusToken’s 27 alleged masterminds were arrested this summer, along with another 82 core members.
  • The Ponzi was said to have grown to over 3,000 layers at the time, having fleeced over 2 million investors using cryptocurrencies as a funding channel.
Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

An official notice stemming from the Changji prefecture government in Xinjiang details that officials from the Zhundong Economic-Technological Development Park must instruct bitcoin miners to shut down. China’s province of Xinjiang is a highly concentrated region of bitcoin miners and bitcoin activities at the park must cease by June 9, according to the document. Nevertheless, […]

Xem chi tiết: Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios. Hong Kong Residents to Load E-CNY Wallets via Mobile Phones China […]

Xem chi tiết: Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

While China’s Bitcoin Miners Flock to Central Asia Canaan Sets up ASIC Mining Rig Service in Kazakhstan

On Monday, the application-specific integrated circuit (ASIC) manufacturer Canaan Inc. announced the company has established an overseas after-sales center in Kazakhstan. According to Canaan, the service center will provide local customers with after-sales services like machine testing, warranty services, maintenance, and technical consultation. Chinese Miners Are Focused on Relocation, Canaan Opens Mining Rig Service Center […]

Xem chi tiết: While China’s Bitcoin Miners Flock to Central Asia Canaan Sets up ASIC Mining Rig Service in Kazakhstan

Weibo Cracks Down Crypto Related Accounts as China Strengthens Its Anti Crypto Stance

Sina Weibo, the Chinese equivalent of Twitter, banned the accounts of several key cryptocurrency and defi influencers in the country yesterday, according to reports from local sources. This might be a continuation of the anti-crypto stance the Chinese state has been exerting since 2013, and more profoundly in the last days with the crackdown of […]

Xem chi tiết: Weibo Cracks Down Crypto Related Accounts as China Strengthens Its Anti Crypto Stance

National Court of Spain Suspends John McAfee Extradition Hearing

The National Court in Spain has suspended the hearing destined to deal with the extradition request that John McAfee, the well known cryptocurrency influencer, has pending for its tax-related crimes in the U.S. The entrepreneur was apprehended in October last year in the El Prat Airport where he was going to take a flight. No […]

Xem chi tiết: National Court of Spain Suspends John McAfee Extradition Hearing

Shanghai to Hand Out $3 Million in Digital Yuan Lottery

As part of government efforts to get the digital yuan going, authorities in Shanghai will distribute $3 million worth of the central bank-issued currency among residents of Shanghai. The digital money will be dispersed through a lottery, a method that has already been implemented elsewhere in China. Lottery Winners to Get 350,000 Digital Red Envelopes […]

Xem chi tiết: Shanghai to Hand Out $3 Million in Digital Yuan Lottery

Amundi Executive Pascal Blanque Calls Cryptocurrencies a Farce

Pascal Blanque, CIO of Amundi, one of the biggest asset managers in Europe, has stated that bitcoin and other cryptocurrencies are a farce, exposing its skeptical stance on the real value of cryptocurrencies. The investor stated that crypto assets are an expression of markets making bubbles and that investors should focus on other more logical […]

Xem chi tiết: Amundi Executive Pascal Blanque Calls Cryptocurrencies a Farce

Beijing to Disperse $6 Million in Digital Yuan in a Red Envelope Lottery

China’s central bank digital currency (CBDC) continues to gain further ground as the Beijing Local Financial Supervision and Administration Bureau revealed 40 million worth of the country’s digital yuan ($6.3 million) will be distributed to Chinese citizens. Beijing and China’s Central Bank Launches Digital Yuan Lottery The People’s Bank of China (PBoC) and Beijing Local […]

Xem chi tiết: Beijing to Disperse $6 Million in Digital Yuan in a Red Envelope Lottery

Canaan Expects $250M Revenue in Q2 — Yields and Mining Rig Deliveries to ‘Increase Substantially’

Beijing to Disperse $6 Million in Digital Yuan in a Red Envelope Lottery

Canaan Expects $250M Revenue in Q2 — Yields and Mining Rig Deliveries to ‘Increase Substantially’

Tiger Brokers and Futu to Offer Crypto Trading Services Outside China

Central Bank of Brazil Issues Guidelines for Its CBDC

Sichuan Energy Officials Plan to Meet in June to Discuss Bitcoin Mining Implications

Amid Stern Warnings from China Crypto Firms Huobi and Okex Halt a Few Services

Bitcoin Mining Operations Btc.top and Hashcow Cease Offering Services in China

Other Articles