blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

The Silent Crypto Whale: China Is One of the Largest Crypto Whales with Great Control on the Market

Mushu Butt by Mushu Butt
November 14, 2022 - 12:51 pm
in adoption news, bitcoin news, sticky
0
China Bitcoin
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

China has unknowingly become a crypto ‘whale’ with such enormous power on its palms that it could crush the whole cryptocurrency market in a matter of seconds if it chose to. This is despite the broad prohibition on digital assets in the country. In point of fact, as a result of the 2019 seizure of a sizable quantity of Bitcoin (BTC) and Ethereum (ETH) stolen from the Plus Token scheme, the Chinese government now possesses a greater quantity of Bitcoin than either MicroStrategy or Tesla, Inc.

Since there are no documents that can be accessed by the general public indicating that China has acquired any Bitcoin, this hoard is primarily thought to have originated through official seizures. Around $4.2 billion worth of cryptocurrency belonging to a Chinese Ponzi scam known as “plus token” was confiscated by Chinese authorities in the year 2020.

A court verdict revealed that during the crackdown, a total of 194,775 Bitcoin, 833,083 Ethereum, 1.4 million Litecoin, 487 million Ripple, 6 billion Dogecoin, and 213,724 USDT, as well as other cryptocurrencies, had been confiscated, and over seven individuals were arrested.

China’s Bitcoin And Other Crypto Holdings

Critics consider that China could have confiscated additional Bitcoin, particularly during the countrywide crackdown on cryptocurrency miners in the year 2020, in spite of the fact that these are the only records that are openly available. The 194.7k coins and above represent around 0.9% of the total number of Bitcoins that will ever be mined. Significantly, the price of those coins increased to slightly over $13 billion in November 2021, when Bitcoin’s price reached its all-time high of $68,789.

This data was initially published on November 2 by Ki Young Ju, who is the founder and CEO of the blockchain data analytics company CyptoQuant. In addition to publishing this information, he also provided a table that listed the public firms that held the most Bitcoin at that time.

As Ki Young Ju explained: “Chinese authorities seized 194k BTC, 833k ETH, and others from the PlusToken scam in 2019. They forfeited these $6 billion-worth assets to the national treasury. FWIW, MicroStrategy has 130k BTC.”

FUN FACT: Government of China🇨🇳 is a crypto whale.

Chinese authorities seized 194k BTC, 833k ETH, and others from the PlusToken scam in 2019. They forfeited these $6 billion-worth assets to the national treasury.

FWIW, MicroStrategy has 130k $BTC. pic.twitter.com/Ilqp7EnenL

— Ki Young Ju (@ki_young_ju) November 2, 2022

According to a different statement that Young Ju made on Twitter, China isn’t the only state that ‘hodls,’ as he pointed out that the government of Bulgaria might have more than 200K Bitcoins that were seized from a crypto-crime ring in 2017. Commenting on these findings on his Twitter account, Young Ju emphasized that the sell-side liquidity provided by miners, institutional investors, and retail investors is essentially nothing when compared to governments.

PLOT TWIST: Government of Bulgaria🇧🇬 *might* have 200k+ Bitcoins.

Bulgarian authorities disclosed that they found 200k $BTC from criminals but didn't specify that they successfully seized these #Bitcoin.https://t.co/JLxzvNel4t

— Ki Young Ju (@ki_young_ju) November 3, 2022

Meanwhile, to the best of the public’s knowledge, El Salvador is the only country in the world to have obtained its Bitcoin through direct purchases. At the moment, the nation in Central America has a total of 2,381 BTC, which is equivalent to a value of around $49.2 million.

China’s Influence On The Crypto Market

Young Ju argued that the price of Bitcoin went from $30,000 to $17,000 due to the lack of liquidity on the Luna sell-side market. He did this by drawing comparisons with the collapse of the Terra (LUNA) platform. That was somewhere in the region of 80,000 Bitcoin, which means it’s basically twice as much as the Terra Luna crash. According to José, if China were to start selling the 194,000 BTC that it had seized, it could drastically harm the cryptocurrency market, bringing the price of Bitcoin down to $5,000 in little than seven seconds.

It is interesting to note that China has been on an anti-crypto crusade since the middle of 2021, putting a state-wide ban on all services related to cryptocurrencies. Despite this restriction, China still ranks among the top 10 largest countries in terms of the adoption of digital assets. In addition to this, mining activities in China have persisted after a negative time that ensued after the adoption of the ban.

As of November 11, according to the data provided by the cryptocurrency analytics portal Bitrawr, there were a total of 65 reachable Bitcoin nodes in China. Meanwhile, the cryptocurrency market lost $180 billion in market worth, prompting a technical analyst named Matthew Hyland to critique its interconnection. According to Hyland, this interconnectedness is what caused the FTX liquidity issue to spread to the rest of the industry.

Tags: BitcoinBTCChinaCryptocurrency
ShareTweet
Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

Recommended For You

Justin Sun Says His KPI for Current Year Is to Make TRX Adopted by 5 Countries as Their Legal Tender

by Umair Younas
January 29, 2023 - 10:41 am
0
Tron TRX

Justin Sun labelled this objective as ambitious. Nonetheless, he noted that dedication and hard work can play a significant role in achieving his goal.

Read more

Top Crypto News This Week, Bitcoin and Ethereum in the Spotlight

by Umair Younas
January 29, 2023 - 5:10 am
0
Crypto Trading

This week, 23 Jan - 28 Jan, we saw hustle and bustle in the crypto market especially from Bitcoin, Ethereum and Celsius' narrative.

Read more

US White House Administration Issues a Roadmap to Minimize the Risks of Crypto Assets

by Umair Younas
January 28, 2023 - 7:42 am
0
White House

The US White House Administration has released a roadmap for the Administration to minimize the risks associated with crypto assets.

Read more

Prosecutors Request Judge to Strengthen Bail Conditions for Sam Bankman-Fried

by Umair Younas
January 28, 2023 - 5:55 am
0
SBF FTX

U.S. prosecutors petitioned a Manhattan magistrate for stricter bail restrictions for Sam Bankman-Fried citing that he influence witness testimony.

Read more

Argo Lawsuit Development: Johnson Fistel Requests Information from Shareholders

by Kester Odero
January 27, 2023 - 9:15 am
0
Argo Blockchain

As per Johnson Fistel, LLP, Argo Blockchain plc investors filed a class action case targeting investors who have been linked with fraudulent acts.

Read more
Next Post
Gam3

Blockchain Gaming Firms and Influencers Team Up for Inaugural GAM3 Awards

PARTNERS LIST

PRESS RELEASE

China’s “Instagram” chooses Conflux Network for permissionless blockchain integration

by chainwire
January 25, 2023 - 8:42 am
0

Toronto, Canada, 24th January, 2023, ChainwireLittle Red Book, (XiaohongShu), the Chinese version of Instagram integrates Conflux Network as permissionless blockchain...

snowfall protocol

Snowfall Protocol (SNW) Takes the Spotlight as Waves (WAVES) Founder Unveils New ‘Undepeggable’ Stablecoin and Ripple’s (XRP) New Commercial Released

by Max Clark
January 25, 2023 - 7:02 am
0

The cryptocurrency market has seen its fair share of ups and downs, but one project that seems to be gaining...

Snowfall

Binance (BNB) Will Back Terra Classic’s Upgrade, Cardano (ADA) Introduces Custom-built Sidechains, Snowfall Protocol (SNW) to Have its Grand Launch Soon

by Wayne Jones
January 24, 2023 - 4:53 am
0

While the former two are in the headlines due to recent changes in their ecosystem, Snowfall Protocol (SNW) is all...

Snowfall Protocol

Terra Classic (LUNC) and Polygon (MATIC) Shows Instability Signs, While Snowfall Protocol (SNW) Presale Raises $4M

by Max Clark
January 23, 2023 - 12:00 pm
0

This article will critically examine why Snowfall Protocol (SNW) is gaining ground and why Polygon and Luna Classic's (LUNC) price...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.