Chinese law enforcement have confiscated crypto assets worth 400 million yuan, or $62.5 million, in a crackdown on an alleged Filecoin miner Ponzi scheme.

The Chinese police in the city of Xuzhou have arrested 31 people under allegations of conducting Ponzi schemes, who are associated with a Shanghai-based Filecoin miner maker IPFSUnion.

According to Xinhua news agency’s report on Saturday, the local police seized crypto assets including ether, USDT and FIL as part of the crackdown.

The report said the police officers arrested the suspects across several cities including Shanghai, Wuhan and Shenzhen but didn’t specify whether all of them are IPFSUnion employees or their related distributors.

IPFSUnion said in a statement on Friday to its customers and partners that suspects in the case have procured its equipment with allegedly illegal proceeds and it is assisting the police investigation. As such, the firm has so far limited the…

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