The full text of the shocking PlusToken judgment reveals where the most concerned person’s money went?

On November 26, the final judgment document of the PlusToken pyramid scheme case that shocked the global cryptocurrency industry was announced.

A person from Changsha, Hunan, who only has a junior high school education, raised 310,000 Bitcoins, 9.17 million Ethereums, more than 51 million EOS, etc. Its model is also very simple Ponzi + MLM, raising funds and promising interest, and developing both online and offline.

The focus of attention from all walks of life is mostly on the 190,000 Bitcoins, 830,000 Ethereums, 27.24 million EOS coins, etc. seized by the public security organs. The judgment document has three statements on how to deal with this money in the end:

First, seize part of the platform’s digital currency from the defendants Chen Bo, Ding Zanqing, and Peng Yixuan.

Second, the evidence in the case proves that Chen Bo applied to the Yancheng Public Security Bureau to entrust Beijing Zhifan Technology Co., Ltd. to sell and liquidate the digital currency seized by the public security organs in accordance with the law, and all the funds were used as his repatriation of stolen money. Based on this, the original court determined that Chen Bo had returned part of the funds and gave him a lighter punishment at its discretion.

Third, the seized digital currency shall be handled in accordance with the law, and the funds and proceeds obtained shall be confiscated in accordance with the law and turned over to the state treasury.

There are two main parts that were seized: one is the digital currency raised by the platform, and the other is the profits of the defendants.

Criminal lawyer Huo Yijie told Wu Blockchain that after a platform is identified as a pyramid scheme, criminal liability is generally pursued only for the organizers and leaders, which constitutes the crime of organizing and leading pyramid schemes. In judicial practice, other participants are generally not identified as criminal victims. Therefore, after the relevant illegal gains are recovered, they will be confiscated according to law and turned over to the state treasury.

Here, the famous Beijing Zhifan Technology Co., Ltd. appeared. The company's investors include Huobi co-founder and KuShen Wallet Yuan Dawei, and well-known cryptocurrency investor and Binance shareholder Chen Weixing.

Zhifan Technology is benchmarking Chainanalysis, a well-known American institution. This American company mainly provides technical services for government blockchain and cryptocurrency supervision, and is raising $100 million with a valuation of $1 billion. The same is true for Zhifan Technology. According to reports in early 2019, it has reached cooperation with public security departments in more than a dozen provinces and cities across the country, with more than 30 specific cases covering mainstream currencies such as BTC and ETH, and the amount involved is as high as tens of billions of yuan.

Jiang Zhuoer and Wu Shuo Blockchain both obtained similar information. After communicating with several OTC merchants, they determined that a large part of these coins were sold during the period of BTC$7000-$12000 from the end of 2019 to the middle of 2020. The "funds and proceeds obtained shall be confiscated according to law and turned over to the state treasury" in the judgment also confirms this statement to some extent.

According to the 86th fiscal forecast No. 228: All fines and confiscations investigated or sentenced by the industrial and commercial administrative authorities, public security organs, people's procuratorates, people's courts, and local national economic management departments shall be handed over to the local finance. Yancheng's local finance may have a large income in succession. This may also be the motivation for Yancheng to crack down on this industry. Refer to the arrest of Plustoken first and then the arrest of Gigabit Miner. Why did the Yancheng police crack down on the "Pan/Coin Circle"? (In-depth)

Overseas, there has been a lot of attention paid to PlusToken’s currency holding addresses, which has also sparked considerable discussion. Well-known trader light also said on Twitter that PlusToken entered Huobi in 2019 (after being arrested) and now appears to have been sold.

However, overseas media and KOLs believe from address tracking that currently most of the Bitcoin is sold through Huobi, but it seems that there are still 15,000 BTC that have not been sold; in addition, overseas analysts generally believe that the address of ETH has not changed.

Wu Blockchain comprehensively judged that the address traced by the police is not exactly the same as the address tracked overseas. In addition, there are addresses that the police are still tracking. The document also emphasized that the part of the stolen money that has not been returned by the relatives and friends of the defendants and the part of the stolen money, investment and income that have not been returned by the defendants in the whole case will continue to be recovered by the branch directly under the Yancheng Public Security Bureau and turned over to the state treasury.

In the document, the police verified that the amount on the platform was 310,000 Bitcoins, 9.17 million Ethereums, more than 51 million EOS, etc.; the recovered and seized assets were 190,000 Bitcoins, 830,000 Ethereums, 27.24 million EOS coins, etc.

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