CryptoQuant co-founder Ki Young Ju said the Chinese government is a crypto whale despite his negative attitude towards the industry.
Fun fact: The Chinese government 🇨🇳 is a crypto whale.
Chinese authorities seized 194,000 BTC, 833,000 ETH, and more in the PlusToken scam in 2019. They confiscated these $6 billion worth of assets into the treasury.
FWIW, MicroStrategy has 130k $BTC. pic.twitter.com/Ilqp7EnenL
— Ki Young Ju (@ki_young_ju) November 2, 2022
According to Young Ju, China has $6 billion worth of cryptocurrencies, including 194,000 Bitcoin ($3.9 billion), 833,000 Ethereum ($1.2 billion), and several other names. Including digital assets that have not been seized from the PlusToken scam in 2019.
PlusToken scam
The PlusToken scam is a Ponzi scheme that started in 2018 and mainly involved investors from China and South Korea. According to reports, the scheme defrauded investors of more than $2 billion of his digital assets in 2019.
chinese government Safe The mastermind of the operation was arrested and imprisoned for 11 years.
in the meantime, CryptoQuant analysis clearly Scammers reportedly cashed out over 90,000 BTC using the mixer through various addresses.also co-founder said We know the malicious player is still active as we sent 50 BTC to the same mixer last week.
Other Countries Obtaining Crypto Through Foreclosure
China is not the only country acquiring cryptocurrencies through seizures. Earlier this year, the US Department of Justice seized $3.6 billion worth of Bitcoin in connection with his 2016 Bitfinex hack. Before that, the government robbed Ross Ulbricht of his 70,000 BTC when it brought down the Silk Road.
However, unlike China, the US tends to auction seized crypto assets. As of February 2022, the U.S. government will hold Bitcoin worth $4.08 billion.
The UK has also seized hundreds of millions of crypto assets, most of which are linked to various crimes.
Ukraine and El Salvador also hold chunks of BTC. The former mostly acquired the crypto through donations to aid the country in its war with Russia.
El Salvador, on the other hand, is the first country in the world to make a major digital asset legal tender.
Meanwhile, another notable country with cryptocurrencies is North Korea. North Korea-backed hackers have reportedly stolen up to $2 billion in cryptocurrency over the past decade. The country reportedly spends most of its cryptocurrency holdings on defense programs.
