According to the founder and chief executive officer of blockchain data analytics firm Cyptoquant, the Chinese government is a “crypto whale” that forfeited $6 billion in digital currencies to the treasury in 2019. Ki Young Ju.
Young Ju said Chinese authorities had seized 194,000 Bitcoin BTC/USD833,000 ether ETH/USDand other cryptocurrencies from the PlusToken scam in 2019.
“They forfeited $6 billion worth of those assets to the Treasury,” he explained.
Bitcoin holdings by publicly traded companies pale in comparison
In comparison, MicroStrategy MSTR, Galaxy Digital Holdings BRPHF, Tesla TSLA, Coinbase Inc COINand Block, Inc Q Hold 130,000, 40,000, 10,725, 9,000, and 8,027 Bitcoin respectively.
In 2018, PlusToken was founded as a blockchain project in the eastern province of Jiangsu, China Chen Bo and its accomplices who promise high returns and thus attract millions of people.
Investors also had to pay membership fees Cryptocurrency Fees.
Along with 82 core members hiding in Cambodia, Vanuatu, Vietnam and Malaysia, all 27 accused PlusToken thought leaders were eventually arrested in 2020.
Authorities also seized billions of dollars in cryptocurrencies obtained through the scam.
“The sell-side liquidity of miners, institutional investors and retail investors is almost nothing when you compare governments,” Young Ju said wealth via a Twitter DM.
In a separate Twitter post, Young Ju said that the Bulgarian government owns over 200,000 Bitcoin.
Young Ju pointed to the collapse of Terra Luna algorithmic stablecoin ecosystem LUNC/USDwhich included the Luna Foundation Guard’s Bitcoin stash in support of cryptocurrencies, and claimed that “Bitcoin fell from $30,000 to $17,000 due to Luna’s sell-side liquidity.”[the[the
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