The Chinese police reportedly confiscated as much as 194,775 BTC bitcoins, or the equivalent of Rp46 trillion at the current exchange rate. The confiscation was related to the Ponzi PlusToken scheme case. Other crypto assets of jumbo value are also taking part. After the total value reached Rp. 59.2 trillion!
–
With the current exchange rate of 194,775 BTC, it is equivalent to IDR 46,424,405,789,895 to be exact. Bitcoin is equivalent to 1 percent of circulating supply Bitcoin currently, which is 18,555,568 BTC.
Reporting from TheBlock, on November 19, 2020, a court in China has detailed for the first time all crypto assets seized by the police during the crackdown on the Ponzi PlusToken scheme. The total assets confiscated were valued at more than US $ 4.2 billion or the equivalent of Rp59.2 trillion!
The court said that confiscated crypto assets would be processed according to law and would be deposited in the state treasury. Seven of the perpetrators have been arrested.
The following crypto assets confiscated by China: 194,775 Bitcoin (BTC), 833,083 Ether (ETH), 1.4 million Litecoin (LTC), 27.6 million EOS, 74,167 DASH, 487 million Ripple (XRP), 6 billion DOGE, 79,581 Bitcoin Cash (BCH) and 213,724 Tether (USDT).
The trial of the PlusToken case was originally decided on September 22, 2020, by a low-level district court in the city of Yancheng in Jiangsu province, China.
Rp.434 Billion Bitcoin and Bitcoin Cash Seized by the German Police
Local media reported at the time that the mastermind behind the ponzi scheme under the guise of crypto assets claimed more than 2 million victims at a value of around 50 billion yuan or US $ 7.6 billion.
However, in the initial ruling, there were no details regarding the crypto assets that have been and will be confiscated, as some of the convicts have appealed to a higher court.
The Yancheng Intermediate People’s Court rejected their appeal and sided with the district court in its final decision on 19 November 2020 and disclosed details relating to the criminal case.
This is the Appearance of US $ 1 Billion Bitcoin Seized by the US Government
According to the latest news, PlusToken’s rogue business officially started in May 2018 and advertises a dark crypto arbitrage trading platform.
They promise users attractive daily payments, but require victims to deposit at least US $ 500 worth of crypto assets in order to participate. Between 6 April 2018 and 27 June 2019, the ponzi scheme attracted more than 2.6 million people.
During that period, the perpetrator raised more than 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.
At the lowest price between May 1, 2018 and June 27, 2019, this crypto asset was worth at least more than 14.8 billion yuan, or US $ 2.2 billion, the court said. At today’s prices, that equates to at least US $ 11 billion.
So far 15 people have been convicted. They were sentenced to between two and 11 years behind bars with fines equivalent to US $ 100,000-1 million. [TheBlock/Red]
Follow our social media
– –
