China seized cryptocurrency funds from PlusToken scammers.
PlusToken, one of the largest ponzi structures in the crypto money industry, was officially destroyed. Reports that the Chinese government and law enforcement have seized Bitcoin (BTC), Ethereum (Eth) and XRP worth more than $ 4.2 billion were on the agenda.
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📌Last Minute Cryptocurrency Development from China
📌China May Sell Cryptocurrencies
📌A record amount of crypto money was collected
Last Minute Cryptocurrency Development from China
In the continuation of these developments, it is seen that the Bitcoin price has started a sharp decline again. So how could the Chinese government seizure of record amounts of cryptocurrency affect the industry in the long term?
The amount of crypto coins seized by the Chinese police is listed as follows:
194,775 Bitcoin
833.083 Ethereum
1,400,000 Litecoins
27,600,000 EOS
74.167 Dash
487.000.000 XRP
6,000,000,000 Dogecoin
79,581 Bitcoin Cash
213.724 USDT
In a statement made by a Chinese court, the crypto coins seized from the PlusToken ponzi structure were also officially announced for the first time. It is stated that the seizure took place on 19 November. In the court decision, it is stated that the seized cryptocurrencies will be "used in accordance with the law" and the income to be obtained will be transferred directly to the national reserves.
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China May Sell Cryptocurrencies
The court decision does not specify how much of these funds will be "put into action" or how this processing will be done. The US and other governments usually sell the seized cryptocurrencies through auctions and transfer the funds directly to the treasury. If China is reviewing a similar situation, we can see sharp drops in the price of Bitcoin and other cryptocurrencies.
It is known that the names behind the PlusToken ponzi structure defrauded more than 2 million people and earned close to $ 7.6 billion in revenue. However, many parts of it were disposed of through mass sales made occasionally. PlusToken, which entered the market in May 2018, introduced a non-existent cryptocurrency arbitrage platform and raised so much money.
A record amount of crypto money was collected
PlusToken is known to promise investors the opportunity to earn more than their funds in exchange for a minimum of $ 500 worth of crypto deposits. PlusToken managed to collect 314,000 BTC, 117,450 BCH, 96,000 DASH, 11 billion DOGE, 1.84 million LTC, 9 million ETH, 51 million EOS and 928 million XRP with this simple method .
Bitcoin price, on the other hand, has been in a sharp decline since the news was heard, and has dropped to $ 16,500 and the drop is likely to see $ 14,000.