China holds .9B price of Bitcoin regardless of anti-crypto stance

China holds $3.9B price of Bitcoin regardless of anti-crypto stance

by Jeremy

CryptoQuant co-founder Ki Younger Ju stated the Chinese language authorities is a crypto whale, regardless of its destructive posture towards the business.

In line with Younger Ju, China holds $6 billion price of cryptocurrencies — together with 194,000 Bitcoin ($3.9 billion), 833,000 Ethereum ($1.2 billion), and a number of other different unnamed digital belongings — it seized from the PlusToken rip-off in 2019.

The PlusToken rip-off

The PlusToken rip-off was a Ponzi scheme that started in 2018 and had buyers primarily from China and South Korea. Studies acknowledged that the scheme had swindled buyers off over $2 billion in digital belongings in 2019.

The Chinese language authorities secured the arrest of the operation’s masterminds, jailing them for 11 years.

In the meantime, CryptoQuant evaluation revealed that the scammers have cashed out over 90,000 BTC utilizing mixers by means of varied addresses. The co-founder additionally acknowledged that the malicious gamers have been nonetheless energetic, as they despatched 50 BTC to the identical mixer final week.

Different nations buying crypto by means of seizures

China just isn’t the one nation buying crypto by means of seizures. Earlier this 12 months, the US Division of Justice seized $3.6 billion price of Bitcoin related to the 2016 Bitfinex hack. Earlier than that, the federal government took 70,000 BTC from Ross Ulbricht when it introduced down the Silk Street.

Nonetheless, in contrast to China, the US tends to public sale off its seized crypto belongings. As of Feb. 2022, the US authorities holds $4.08 billion price of Bitcoin.

The U.Ok. has additionally seized lots of of tens of millions of crypto belongings, most of that are related to numerous crimes.

Ukraine and El Salvador additionally maintain a piece of BTC. The previous largely acquired its crypto through donations to assist the nation in its struggle with Russia.

Then again, El Salvador is the primary nation on this planet to make the flagship digital asset authorized tender.

In the meantime, one other notable nation with crypto holdings is North Korea. Studies state that North Korea-sponsored hackers have stolen as much as $2 billion in crypto over the previous ten years. The nation reportedly spends most of its crypto holdings on its protection packages.



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