We ate in the Arab Bitcoin news The arrest of the “PlusToken” fraud gang last July.

to appear a report A new release from TheBlock reveals new developments related to the Chinese government’s confiscation of $4.2 billion worth of Bitcoin and Ethereum…

The confiscation process was overseen by the Jiangsu Yancheng People’s Court which demanded the release of the exact amount that Chinese forces were able to confiscate after arresting the suspects in the PlusToken scam.

China Seizes 1% of Bitcoin Supply:

The Chinese government confiscated a total of:

• 194,775 bitcoins which is about 1% of the total bitcoin supply.
• 833.083 Ethereum
• 1.4 million litecoins
• 27.6 million EOS coins.
• 74167 Dash.
• 487 million Ripple currency.
• 6 billion Doji coins.
• 79,581 Bitcoin Cash.
• 213,724 Tether.

In its ruling, according to TheBlock, the court stated the following:

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(…) The seized digital currencies will be processed in accordance with the laws and the proceeds and winnings will be confiscated to the national treasury.

Local media reports that more than 2.6 million users have been affected by the PlusToken scam.

In total, the scammers stole about 50 billion yuan, or $7.6 billion.

The recently concluded trial of the fraud gang began on September 22 in a court in Jiangsu Province.

Additionally, a document submitted to the court revealed that the peak period for the scam was between April 6, 2018 and January 2019.

At that time, PlusToken wallet users deposited 314,000 BTC, 117,450 BCH, and 9 million ETH.

During the mentioned period, 15 people convicted of fraud were able to steal more than $11 billion in various cryptocurrencies, by tracking and analyzing what was acquired based on the current market price.

The judicial institution rejected an appeal filed by the defendants.

Accordingly, the ruling issued on November 19 of this year is a “final decision.”

The 15 convicts will have to serve an 11-year prison sentence and pay fines ranging from $100,000 to $1 million.

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For information, the PlusToken scam was exposed when users of the fraudulent project started having difficulty accessing their funds in 2019.

In the end, the scammers completely blocked access to users and stole more than 200,000 Bitcoin and 800,000 Ethereum, among other cryptocurrencies.

Initially, some of the perpetrators were arrested, but others remained free until July of this year.

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Chinese authorities have arrested more than 100 suspects linked to the scam.

At the time, the “complete destruction” of the PlusToken scam was reported.

And it appears that the Chinese authorities are continuing their series of measures affecting the crypto industry, as executives from prominent trading platforms such as OKEx and Huobi have been arrested for demanding their cooperation with the investigations.

As a result, funds and accounts were frozen, which had a negative impact on Chinese mining complexes.

There is speculation that the recent Chinese legal proceedings and investigations are all related to the PlusToken case.

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