Chinese Police Authorities Seized 1% Of BTC’s Total Supply

Chinese police authorities seized 1% of the total supply of Bitcoin worth more than $4.2 billion over the PlusToken Ponzi Scheme so let’s read more in today’s latest bitcoin news.

The Chinese police authorities seized more than $4 billion in crypto assets which were a part of the Ponzi scheme that exploited more than two million people. Up to this date, 15 people have been convicted. The police seized a total of 194,774 BTC which is 1% of the BTC total supply in the PlusToken Ponzi scheme as well as over 830,000 ETH, 1.4 million LTC, 27 million EOS, 6 billion DOGE, 74,000 DASH, 487 million XRP, and 213,000 USDT.

This is massive news. The amounts seized by the Chinese police:

– 194,775 BTC (1% of circulating supply)
– 833,083 ETH (0.73% of circulating supply)
– 1.4 million LTC
– 27.6 million EOS
– 74,167 DASH
– 487 million XRP
– 6 billion DOGE
– 79,581 BCH
– 213,724 USDT https://t.co/Fp79lyden4

— Larry Cermak (@lawmaster) November 27, 2020

The PlusToken Ponzi scheme was first ruled on by a district court in China’s Jiangsu province back in September 2018. The scheme advertised a crypto trading platform which was of course, non-existent and promised the users some attractive payouts in exchange for deposits of about $500 worth of crypto assets. The scheme raked in 1% of the total BTC Supply but 0.73% of the total ETH supply and 5% of all of the DOGE circulation as well.

The scheme was quite lucrative since in the lowest downturn in crypto prices it proved to be raking up decent profits. Between 2018 and 2019, the assets were reported to be worth $2.2 billion but they are now worth over $11 billion and exploited more than 2 million people. Up to this date, a total of 15 people were convicted so the sentences issued by the Chinese court range from two to 11 years in prison with fines between $100,000 to $1 million. One of these people had already laundered $22 million worth of crypto into the Chinese Yuan.

The full judgment said that the “Seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury.” So right now, China controls half of the BTC hash rate and is a major holder as well.