Chinese authorities to sell $ 4.2 billion worth of cryptocurrencies seized from PlusToken

Chinese authorities are selling cryptocurrencies seized during an investigation into the activities of the PlusToken financial pyramid onthe amount of $4.2 billion. The Block writes about this with reference to the Yancheng court order.

Chinese law enforcement had 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.

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: The Block.

"The confiscated digital currency will be implemented in accordance with the law, and the proceeds will betransferred to the state treasury," the decision reads.

The court did not specify possible methods of cryptocurrency implementation.

Launched in the spring of 2018, PlusToken pyramid worked under the guise of a cryptocurrency wallet.According to the prosecutor's office, the key participants of PlusToken attracted investors with a yield of 10-20% monthly and a referral program.They managed to interest 3 million people.

In June 2019, users began complaining about withdrawal problems.

During its existence, the scheme attracted 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.According to the court, the total value of these assets exceeds $11 billion.

At the end of July, law enforcement agenciesChina has arrested 27 main suspects in organizing the activities of a cryptocurrency pyramid. 82 key members of the group were also detained. Damage from PlusToken is estimated at $5.8 billion.

In August, police detained six pyramid scheme creators. In September, they were charged with organizing and managing a fraudulent scheme.

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