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Chinese government’s confiscation of about 190,000 Bitcoins from the PlusToken Ponzi scheme. It has raised concerns similar to market effects recently observed in Germany. Managing these massive digital assets can impact the global cryptocurrency markets based on whether they are kept or liquidated. 
<h2 class="wp-block-heading" id="h-background-of-the-chinese-authorities-seizure">Background of the Chinese Authorities Seizure</h2> 
In late 2020, Chinese authorities <a href="https://finance.sina.cn/blockchain/coin/2020-11-30/detail-iiznctke3838175.d.html">cracked down</a> on the PlusToken scheme, which had fraudulently obtained many cryptocurrencies, including Bitcoin, Ethereum, and EOS. The operation ensured the return of 190,000 Bitcoin, 830,000 Ethereum, and 27.24 million EOS. 
The court proceedings established that some of the digital currencies taken during the investigation were collected from the defendants of the PlusToken program. Subsequently, the process of applying for the sales of these digital assets was initiated, thanks to Beijing Zhifan Technology Co. Ltd. It is a firm similar to Chainalysis in the United States that offers technical support services for Blockchain and Cryptocurrency compliance. 
<h2 class="wp-block-heading" id="h-ongoing-speculations">Ongoing Speculations</h2> 
Some reports from WuBlockchain and other sources suggest that a significant portion of these Bitcoins might already have sold between late 2019 and mid-2020. The exact status of those assets still remains partially unconfirmed. This uncertainty continues to loom over the market, with potential implications for global Bitcoin pricing and investor sentiment. 
<blockquote class="twitter-tweet">
 Analysis: Has the Chinese government sold the 190,000 bitcoins it held? The Arkham article states that the Chinese government holds 194,775 bitcoins from the PlusToken. However, according to investigations, most of them have been sold between late 2019 and mid-2020. Read more:… <a href="https://t.co/QIrbAdPnEM">pic.twitter.com/QIrbAdPnEM</a>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1810678813027873176?ref_src=twsrc%5Etfw">July 9, 2024</a>
</blockquote> 
Moreover, the involvement of Zhifan Technology, which has established connections with several public security departments across China. It indicates a sophisticated approach to handling the legalities of such large-scale asset seizures and sales.&nbsp; 
<h2 class="wp-block-heading" id="h-market-dynamics-and-potential-sales">Market Dynamics and Potential Sales</h2> 
Market analysts are starting to worry that the Chinese authorities, like the German and US governments, may release the country’s Bitcoin to the market. It might put a lot of pressure on the rates of Bitcoin as the trend in other occurrences where large quantities of Bitcoin have sold. 
The situation in China contraste with the recent decisions made by the German government. It has aggressively liquidated the seized Bitcoins. China’s holdings are much larger than Germany’s, which shows the possible market effects of these assets’ disposals. 
The situation in China is particularly interesting. If one takes into account the recent activities of the German government, which has been actively auctioning off its Bitcoins. China’s holdings are much larger than Germany’s, which shows the possible market effects of these assets’ disposals. 
<h2 class="wp-block-heading" id="h-recent-actions-by-the-german-government">Recent Actions by the German Government</h2> 
In the last few weeks, Germany has transferred thousands of Bitcoin to various exchanges and market makers, affecting the global Bitcoin prices. The continued administration of these assets by Germany has sparked several debates among policymakers and regulators on the most effective means of dealing with large stocks of seized digital currencies. 
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e9-1f1ea.png" alt="🇩🇪" class="wp-smiley" style="height: 1em; max-height: 1em;"> The German Government has sold over 50% of its <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> holdings in the past few weeks. They still have over $1.5 billion worth of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> left. The sooner Germany stops dumping BTC, the better it gets for the market. Dump harder, Germany. <a href="https://t.co/fqwEmWj4P1">pic.twitter.com/fqwEmWj4P1</a>— Lark Davis (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1810728171362251263?ref_src=twsrc%5Etfw">July 9, 2024</a>
</blockquote> 
The German government’s transactions were diversified across several reputable exchanges. First, they sent 2738.7 BTC with an approximate value of $155.3 million to most probably exchanges and market makers like Kraken, Cumberland, and others. 
The next transfer of 8,100 BTC worth around $463.2 million went to exchange-related addresses, including Kraken, Bitstamp, and Coinbase, as well as to the market maker Flow Traders. These transactions led to an incremental transfer of 5,200 BTC worth approximately $297.3 million within the same day. 
The post <a href="https://www.thecoinrepublic.com/2024/07/10/china-holds-190k-bitcoin-from-plustoken-amid-sale-speculations/">China Holds 190K Bitcoin From PlusToken Amid Sale Speculations</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

China Holds 190K Bitcoin From PlusToken Amid Sale Speculations

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Thecoinrepublic.com

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