The Chinese government may have sold its nearly $20 Billion worth of Bit, contributing to significant selling pressure on the world's first cryptocurrency.
According to Ki Young Ju, founder and CEO of blockchain analytics platform CryptoQuant, as of January 23, China has sold over $19.7 Billion worth of Bit.
The cryptocurrency seized from PlusToken in 2019 is likely to have been sent to cryptocurrency exchanges like Huobi, Ju wrote in a post on X on January 23:
In my opinion, China has sold 194,000 Bit. The Chinese government said this money has been "transferred to the national treasury" without clarifying whether the money has been sold or not.
He further said: "A censored regime holding an anti-censorship currency seems implausible".
This large-scale sell-off comes more than four years after the Chinese government seized $4.2 Billion worth of cryptocurrency from the PlusToken Ponzi scheme, leading to the arrest of at least 109 individuals so far.
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