Chinese Authorities Confiscates over $4B in BTC correlating to the PlusToken Scam

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As per The Block today, A police operation in China correlating to the PlusToken Ponzi scam culminated in the Chinese Authorities seizing over $4 billion in cryptocurrencies. As per the November 19th court ruling by the Jiangsu Yancheng Intermediate People’s Court, all cryptos confiscated from scam operations will be set out by the authorities to the national treasury.

All in all, The Block reports that the Chinese police took hold of a precise number of 194,775 Bitcoin (BTC). That is a notable 1% of the total BTC supply circulating the world today. Furthermore, the report indicates that the police have also seized over 1.4 million LTC, 830,000 ETH, 487 million XRP, 79,000 BCH, 6 billion DOGE, 27 million EOS, 74,000 DASH, and 213,000 USDT. Converting these cryptos to their current market values and then adding all of them up, lands the total confiscated amount to more than $4 billion.

Although the sum of confiscated cryptos appears staggering already, it is worth noting that the PlusToken scam will have most likely taken even more. Previous reports imply that the 27 suspected masterminds and 82 members of said scam, who were all arrested this past summer, managed to swindle more than 2 million investors through crypto funding channels. Now that the authorities are cracking down on this more than ever before, we may hear another massive wave of confiscated cryptos sooner rather than later.

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