Ki Young Ju, CEO of CryptoQuant, stated that China has already sold the 194,000 Bitcoin (BTC) units taken from the PlusToken Ponzi scheme. According to Young Ju , the Chinese government got rid of this large amount of Bitcoin shortly after they seized it. Young Ju Claim Has Sparked Debate Notably, this claim has sparked a debate suggesting that the seized funds were quickly moved and sold, affecting the Bitcoin market in 2019. Young Ju based his statement on his study of Bitcoin transactions. He found that the seized Bitcoin was sent through mixers before being sold on various exchanges, especially Huobi. The PlusToken scheme was one of the largest cryptocurrency scams in history. It tricked investors of billions of dollars by promising high returns on crypto investments. In return, the Chinese government seized the assets and took control of a large amount of BTC. Although there has been no official confirmation by the Chinese government about the sale of Bitcoin (BTC), the CEO’s statement raises important questions about the seized assets. However, the reported sale of 194,000 BTC is still under investigation and debate. China Takes Decisive Action Against Blockchain Cybercrimes Meanwhile, China’s Supreme People’s Procuratorate (SPP), the highest prosecutorial authority in the country, announced measures to address escalating cybercrimes issues. The SPP’s action comes in response to a surge in online fraud, cyber violence, and personal information infringement. Likewise, the SPP report outlined eight specific instances where prosecutorial bodies enforced laws to combat cybercrimes and advocated for comprehensive cyberspace management , deterring future offenses. The SPP reported that Procuratorates pressed charges against 280,000 individuals in cybercrime cases involving blockchain between January and November 2024. China and Crackdown on Bitcoin China’s strict enforcement against digital asset-related offenses contrasts with Hong Kong’s adoption of crypto-friendly regulations designed to standardize the digital asset ecosystem, protect investors, and promote innovation. The People’s Bank of China (PBoC) addressed cryptocurrency regulation and decentralized finance in its financial stability report. PBoC emphasized the importance of global regulatory coordination in overseeing the industry. In 2021, the PBoC also announced stringent measures, including a ban on virtually all crypto transactions and mining activities. The measures will curb crypto adoption in mainland China despite the country remaining a significant crypto-mining hub. The post China Sold 194K Bitcoin from PlusToken: CryptoQuant CEO appeared first on TheCoinrise.com .
