Chinese police have unearthed $4.2 billion in crypto from PlusToken. This is perhaps the biggest crypto seizure in history. BTC holdings in China are close to 2% of the total circulating currency that is in supply.
A news report on Cryptobriefing , authorities in China have been able to make a seizure of more than $4 billion crypto assets. That comes with 194,775 BTC and 833,083 ETH. This was part of the PlusToken scheme.
The haul of cryptocurrencies comes after filing a case against PlusToken. This follows a new ruling from the Jiangsu Yancheng Intermediate People’s Court. It clearly shows that the authorities are keen to remove cryptocurrency space entirely in the country.
Crypto Briefing had tweeted about the development.
Besides the huge BTC and ETH holdings, the Chinese authorities have also frozen 1.4 million LTC, 27.6 million EOS, and 213,724 USDT from seven key malefactors. The disgraced project team managed to dupe more than 2 million people.
A news publication on Coinmarketrade confirmed the same. The total stash that was found emerged to be worth $2 billion in the lowest valuation. However, in the month of September, local news reports claimed that it was more than $7 billion.
The analytics team helped in the tracing of the money at the beginning of the year. Chinese authorities took note of it and then began arrests, with more than 100 caught in the month of July alone.
It is perhaps the largest crypto seizure in history. BTC holdings have more than 1% of cryptocurrency total money that is in circulation in China. There is no clarity on what the authorities want to do with the PlusToken holdings.
It is the current scenario of the crackdowns that are taking place in the country. China is particular about the activities that are taking place like trading desks. This brings to question the kind of navigation they play on moving forward with technology.
For other suspicious activities, Chinese authorities follow cryptocurrency space with a close eye.