The controversy with PlusToken, which has so far led to the arrests of 109 people, has also reportedly resulted in the acquisition by Chinese authorities of a massive $ 4.2 billion digital currency at current prices.

Authorities seized 194,775 Bitcoin (BTC), 833,083 Bitcoin (ETH), 1.4 million Litecoin (LTC), 27.6 million EOS, 74,167 Dash and 487 million XRP, according to court documents issued on November 19. And published by The Block. , 6 billion. Dogecoin (DOGE), 79,581 Bitcoin Cash (BCH), and 213,724 Tether (USDT), of seven people convicted in the case.

According to the ruling of Yancheng Intermediate People’s Court, proceeds of confiscated cryptocurrency will be transferred to the treasury. The exact details of the asset handling and handling in accordance with national legislation are not fully described.

PlusToken scheme, which first released its white paper in February 2018, has classified itself as a cryptocurrency exchange and wallet provider in South Korea that can provide users with interest-bearing accounts that can generate returns of between 8% and 16% each month, with a minimum deposit of $ 500 in crypto assets.

According to local reports, PlusToken attracted 2 million members in September 2020 between May 2018 and June 2019.

Yancheng Intermediate People’s Court estimates the estimated membership at 2.6 million and estimates that the scheme absorbed 314,000 BTC, 117.450 BCH, 96.023 Dash, 11 billion DOGE, 1.84 million LTC, 9 million ETH, 51 million EOS and 928 million XRP as of June 27, 2019.

At the time of receipt, these funds were reported to be roughly 15 billion yuan – about $ 2.2 billion. In today’s beef market, this value is much higher.

Part of the funds was used to encourage members to recruit new targets, while a portion was paid by the system administrator for daily and personal expenses.

In the summer of 2019, the scheme was discontinued due to alleged “system maintenance” in what appears to be one of the biggest exit scams in the industry. Chinese authorities have imprisoned, arrested, and / or arrested several key figures.

The ruling of the Yancheng Intermediate People’s Court indicates that 15 people have so far been sentenced, sentenced to prison terms ranging from two to 11 years and fines ranging from $ 100,000 to $ 1 million.

Source: CoinTelegraph