As a seasoned crypto investor with a keen interest in the latest developments within the industry, I cannot help but express my concern over the recent news of massive Bitcoin transfers from government seizures. The revelation that the Chinese government seized 190,000 Bitcoin units last year has put the market on edge.
As a cryptocurrency investor, I’m keeping a close eye on the increasing number of Bitcoin (BTC) transactions. This trend is concerning, and it could potentially reach a tipping point with the recent news of a massive Chinese seizure.
Chinese Government Seize 190K BTC
As a researcher investigating recent cryptocurrency seizures reported by Sina Finance, I’ve uncovered the following information: Last year, Chinese authorities confiscated approximately 190,000 Bitcoin units, equivalent to around 830,000 Ethereum, and a staggering 27.24 million EOS coins.
The massive cryptocurrency hoards can be traced back to the masterminds behind the PlusToken scam: Chen Bo, Ding Zanqing, and Peng Yixuan. This trio orchestrated a Ponzi scheme, deceitfully swindling numerous investors of their valuable digital possessions.
The individuals involved in this deceitful plan managed to amass a total of 310,000 Bitcoins, 9.17 million Ethereums, and over 51 million EOS coins through investments from both online and offline sources. They made promises of returns to their unsuspecting victims.
It is worth nothing that the Chinese authorities seized both the digital currency raised by the platform, and the profits of the defendants. The seized assets are meant to be turned over to the state treasury. The question now is what happens to this huge digital asset holdings.
Over the past few weeks, the larger cryptocurrency market has experienced significant crypto sell-offs as various entities disposed of their Bitcoin holdings. Among the major contributors to this selling pressure was the German government. They had obtained a total of 50,000 Bitcoins, which were previously seized from the operators of Movie2k.to, an infamous movie piracy website. The German authorities initiated the sale of these cryptocurrency assets around mid-June.
Will the Chinese Government Offload its Seized Bitcoin?
One of the recent transfers was on Monday when the German government offloaded almost 5,000 BTC on crypto market maker Cumberland DRW and Flow Traders, crypto exchanges Coinbase, Bitstamp, and Kraken and other wallet addresses. As of July 8, the German government still had 32,488 BTC worth an estimated $1.855 billion. However, this should have increased considering that the German government just reaccumulated 3,673 BTC in a plot twist.
The discovery that the Chinese government owns a bigger Bitcoin stash from confiscations than Germany has raised alarm in the cryptocurrency sector. There’s a growing fear that Beijing might follow in the footsteps of Berlin and Washington D.C., flooding the market with large quantities of Bitcoin.
If Bitcoin continues to be sold, the downward pressure on its price may persist according to certain analysts’ predictions. However, for now, the stolen Bitcoins remain undisturbed.
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2024-07-09 18:41