Chinese Seize Over $4 Billion In Cryptoassets

The Block reported yesterday that according to a court ruling (Jiangsu Yancheng Intermediate People’s Court), Chinese authorities confiscated a total of 194,775 bitcoin, 833,083 ether, 1.4 million litecoin, 487 million XRP, 79,581 bitcoin cash, 27.6 million EOS, 74,167 dash, 6 billion dogecoin, and 213,724 tether.   The Asian Times noted that the move was connected to the PlusToken Ponzi case which was initially ruled on by a lower-level district court in the city of Yancheng in China’s Jiangsu province on September 22.  

  Decrypt highlighted that the scheme "not only raked in 1% of the total Bitcoin supply, but 0.73% of total ETH, and 5% of all DODGE in circulation, too."   In addition, at time of writing, the digital assets are worth almost $4 billion by CoinDesk's calculation. Coindesk also added "It's not clear how China would dispose of the cryptocurrencies, per the report. If they were sold en masse for fiat currency it could again affect the prices of the cryptocurrencies in the seized pool."  

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William K. 1 month ago Member's comment

One thing is certain is that the Chinese government is quite willing to take on those who it believes to be doing wrong. AND there are a lot of very smart folks in the higher Chinese government.