{"id":9456,"date":"2025-01-24T08:31:32","date_gmt":"2025-01-24T08:31:32","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=9456"},"modified":"2025-01-24T08:31:32","modified_gmt":"2025-01-24T08:31:32","slug":"chinas-194000-bitcoin-completely-sold-claims-cryptoquant-ceo","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=9456","title":{"rendered":"China\u2019s 194,000 Bitcoin Completely Sold, Claims CryptoQuant CEO"},"content":{"rendered":"
\n

CryptoQuant CEO and founder Ki Young Ju has stated<\/a> that Chinese authorities have already liquidated a massive trove of BTC originally tied to the PlusToken scam. Posting on X (formerly Twitter) on January 23, Ju stated:<\/p>\n

\u201cChina sold 194K Bitcoin already, imo. PlusToken\u2019s seized BTC in 2019 was sent to Chinese exchanges like Huobi. The CCP said it was \u2018transferred to the national treasury\u2019 without clarifying if it was sold. A censored regime holding censorship-resistant money feels unlikely.\u201d<\/p>\n

He followed up with further details about the possible fate of these Bitcoins: \u201cThe seized BTC from the PlusToken scam was mixed and sent to exchanges in 2019. There\u2019s no point in using mixers and multiple exchanges if they didn\u2019t sell it.\u201d<\/p>\n

These remarks point to an ongoing debate regarding the fate of the considerable Bitcoin holdings confiscated by Chinese authorities in 2019. While the government publicly announced that the digital assets were \u201ctransferred to the national treasury,\u201d no explicit clarification was ever provided as to whether they were retained or sold. According to Ki Young Ju, however, the evidence suggests a large-scale offloading may have taken place via local exchanges.<\/p>\n

The Bitcoin PlusToken Backstory<\/h2>\n

The PlusToken episode itself stands as one of the most prominent examples of illicit crypto activities impacting market dynamics. In the early stages of 2019, PlusToken amassed an immense supply of Bitcoin\u2014on-chain analysts estimated it to be between 1% and 2% of the entire circulating BTC at the time.<\/p>\n

The scheme appeared to create an artificial swell in demand that helped drive Bitcoin\u2019s price from slightly above $3,000 to nearly $14,000 by mid-year. Observers noted that as this was happening, investigators identified suspicious flows<\/a> of BTC moving through PlusToken-related addresses, which raised questions about market manipulation.<\/p>\n

According to data supplemented by Ki Young Ju\u2019s screenshots, the period of Q1 and Q2 in 2019 showcased a rapid 300% price increase. This surge was partly the result of PlusToken\u2019s recruitment of unsuspecting investors and the resultant artificial buying pressure on Bitcoin.<\/p>\n

Meanwhile, institutional support for cryptocurrencies was on the rise, exemplified by Fidelity\u2019s push into custodial services<\/a>. As PlusToken continued to accumulate large amounts of Bitcoin, its grip on the market became increasingly concerning for analysts who recognized the looming threat of a major sell-off.<\/p>\n

During Q3 and Q4 of 2019, global regulatory attention to crypto assets became more pronounced, as illustrated by statements and guidelines from the SEC, CFTC, FinCEN, and other agencies. At the same time, new avenues for institutional adoption emerged, notably with Bakkt\u2019s launch of regulated, physically settled Bitcoin futures.<\/p>\n

Yet the biggest on-chain story of this interval revolved around the second phase of the PlusToken saga, when the scam\u2019s BTC reserves, which peaked at roughly 171,000 coins, began moving onto exchanges in large volumes starting in July 2019.<\/p>\n

Observers saw a swift decline in those reserves as tens of thousands of BTC were apparently sold into the market, resulting in a price retracement<\/a> from near $14,000 to the mid-$6,000 range by the end of the year. In effect, it was a widespread sell-off that came to be recognized as one of the most notable \u201cindirect liquidity attacks\u201d on Bitcoin.<\/p>\n

At press time, BTC traded at $103,111.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

CryptoQuant CEO and founder Ki Young Ju has stated that Chinese authorities have already liquidated a massive trove of BTC originally tied to the PlusToken scam. Posting on X (formerly Twitter) on January 23, Ju stated: \u201cChina sold 194K Bitcoin already, imo. PlusToken\u2019s seized BTC in 2019 was sent to Chinese exchanges like Huobi. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-9456","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/9456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9456"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/9456\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}