China holds 39B worth of Bitcoin despite anticrypto stance

CryptoQuant co-founder Ki Young Ju said the Chinese government is a crypto whale, despite its negative posture toward the industry. According to Young Ju, China holds $6 billion worth of cryptocurrencies — including 194,000 Bitcoin ($3.9 billion), 833,000 Ethereum ($1.2 billion), and several other unnamed digital assets — it seized from the PlusToken scam in 2019. The PlusToken scam was a Ponzi scheme that began in 2018 and had investors mainly from China and South Korea. Reports stated that the scheme had swindled investors off over $2 billion in digital assets in 2019. Meanwhile, CryptoQuant analysis revealed that the scammers have cashed out over 90,000 BTC using mixers through various addresses.