The People’s Court of China ruled capitalizing on the cryptocurrency confiscated by the police from the PlusToken financial pyramid.
According to the protocol, 194,775 bitcoins, 833,083 Ether, 1.4 million bitcoins, 27.6 million EOS, 74,167 DASH, 487 million XRP, 6 million DOGE, 79 581 bitcoin cash, and 213 724 USDT were seized from seven convicted fraudsters in total. The estimated value of these assets currently exceeds $4.2 billion.
The court ruled that all confiscated digital assets must be sold in accordance with the law, and the resulting profits will replenish the state treasury.
The Chinese authorities managed to seize less than half of the stolen funds. According to the criminal case, in more than a year of its existence, the PlusToken cryptocurrency pyramid has deceived more than 2 million people for about $11 billion at today’s rate. Fraudsters have already managed to exchange part of digital assets for fiat and spend. Research shows that more than half of all criminal bitcoins are laundered on the two leading crypto exchanges, Binance and Huobi.