How is it that China has 194k BTC, 487M XRP, 833k ETH, 6B DOGE, and so much more crypto?
The post How is it that China has 194k BTC, 487M XRP, 833k ETH, 6B DOGE, and so much more crypto? appeared on BitcoinEthereumNews.com.
China owns more crypto than most governments even admit exists, and it all came from law enforcement seizures, mostly connected to the PlusToken scam, which collapsed in 2019. According to a 2020 ruling by the Jiangsu Yancheng Intermediate People’s Court, authorities seized: 194,775 BTC 833,083 ETH 487 million XRP 6 billion DOGE 79,581 BCH 1.4 million LTC 27.6 million EOS 74,167 DASH, and; 213,724 USDT PlusToken had pulled in over $2 billion worth of crypto from investors around the world. The fraud started in 2018, when a group of scammers based in China and claiming to be from South Korea launched an app that promised monthly returns between 9% and 18%. The PlusToken app was marketed as a crypto wallet and investment platform. It operated using a multi-level marketing model, requiring users to bring in more people. Over two million people fell for it, sending crypto to the platform with the hope of earning high rewards. But there was no trading, no arbitrage, and no profits—just new money used to pay off earlier investors. By mid-2019, users started reporting that they couldn’t withdraw their funds. That’s when investigators discovered that wallets were being drained, and the funds were being moved out. Authorities in China responded fast. They arrested 27 top members of the PlusToken team, plus 82 others linked to the case. The full list of what they took in the raid was released by the court in November 2020, revealing the scale of the seizure. The total value of the crypto at the time was exactly $4 .2 billion. At currents prices though, they’re worth $20.77 billion. Yeesh! China took the crypto but said almost nothing after After the arrests and asset seizures, the court ruling said the funds would be “processed pursuant to laws and the proceeds and gains will…
