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.
China holds 39B worth of Bitcoin despite anticrypto stance
