💥Crypto shock: Chinese government reportedly selling ETH holdings The Chinese government is reportedly beginning to liquidate a significant portion of Ethereum (ETH) seized from the infamous PlusToken pyramid scheme, contributing to recent drops in the cryptocurrency market.

In early August, the movement of ETH linked to the case resurfaced for the first time since 2021, with around 7,000 ETH of the remaining 542,000 ETH (worth $1.3 billion) sent to exchanges in the past 24 hours, signaling the start of asset sales.

PlusToken was a multi-million dollar cryptocurrency pyramid scam that began in early 2018 and operated until June 2019, when Chinese authorities arrested its masterminds. The scam generated a huge influx of money from investors, and at its peak, PlusToken's Bitcoin (BTC) holdings were increasing by over 10,000 BTC per week and were worth around $85 million at the time. Cripto247 - Latest news about Bitcoin, Ethereum, blockchain and cryptocurrencies home

Home

Defi & Altcoins

china eth

Bombshell in the crypto ecosystem: the Chinese Government would be selling its ETH holdings

Cripto247 Editorial Oct 9, 2024 8:46 PM EDT

The Chinese government would be starting to liquidate a significant portion of Ethereum (ETH) seized from the infamous PlusToken pyramid scheme, contributing to the recent drops in the cryptocurrency market.

In early August, the #Ethereum. movement linked to the case resurfaced for the first time since 2021, with around 7,000 ETH of the remaining 542,000 ETH (worth $1.3 billion) sent to exchanges in the past 24 hours, signaling the start of asset sales.

PlusToken was a multi-billion-dollar cryptocurrency Ponzi scheme that began in early 2018 and operated until June 2019, when Chinese authorities arrested its masterminds.The scam generated a huge influx of money from investors.#Bitcoin!