The PlusToken Puzzle: Seized Crypto and Unanswered Questions

In his recent blog post, Chinese journalist Colin Wu sheds light on the aftermath of PlusToken, one of the biggest cryptocurrency Ponzi schemes in Bitcoin history.

Chinese authorities seized a large amount of digital assets in the aftermath of PlusToken, one of the biggest cryptocurrency Ponzi schemes in Bitcoin history. The fate of these assets has been a subject of speculation, with some suggesting that the government may have sold them.

However, investigations have found that most of the 194,775 bitcoins seized by the Chinese government from the PlusToken scam were sold between late 2019 and mid-2020, according to an Arkham article.

The PlusToken scheme, which was run by a middle school-educated man from Changsha, Hunan, managed to raise 310,000 Bitcoin, 9.17 million Ethereum, and over 51 million EOS through a simple Ponzi and pyramid scheme model, according to Wu.

The Chinese police seized 190,000 BTC, 830,000 ETH, and 27.24 million EOS from the operation. Part of the seized crypto was sold through Beijing Zhifan Technology, which is a company comparable to the US-based Chainalysis, Wu stated.

However, it is still unknown what occurred with the remaining assets.

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