Chinese law enforcement seize $62 million worth of Crypto: Ponzi Scheme

Chinese Police seized around $62 million worth of crypto assets from a Ponzi scheme operation fraudster group.

In the present time, crypto is banned in China but still, there are many experts on their own, who are running not only crypto services but also Ponzi crypto services. 

In the latest, Chinese police authorities detained a total of 31 people from different cities and areas of China. According to the police, these detained people are involved in the illegal crypto mining scheme. 

However, crypto mining is illegal in China but here the matter is Ponzi scheme based illegal mining based operations. Detained suspects of this matter are associated with the members & partners of Fliecoin miner maker IPFSUnion. 

At present, it is not clear whether detained suspects are directly involved with the IPFSUnion to conduct the Ponzi file coin mining Scheme or associated members doing such activities in the hidden form alongside working with IPFSUnion. 

However, in a separate statement, IPFSUnion said that if detained people belonging to the members and partners of the firm and also involved in illegal activities outside the rules. IPFSUnion will help at its best help the Chinese authorities against the fraudsters so that Chinese authorities can proceed with the case more perfectly. 

The report of the Xinhua news agency reported that a Chinese enforcement police agent seized around $61.5 million worth of crypto assets. These crypto-assets are ether, USDT and FIL. 

It is worth noting, police officers are still unclear about the relation of the detained people with IPFSUnion, whether they were using the name of the company or working with the IPFSUnion directly.

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