This source reports that Chinese govt has sold bitcoins from Plustoken scam

[bbc.reporter]

It appears that the news about the Chinese government holding 1% of bitcoin's supply might be incorrect. It is said that those coins confiscated from Plustoken by Chinese police were already dumped on the market with the assistance of Chaindigg.

Chaindigg is China's version of Chainalysis.



Wu found that, Chaindigg, an company that assisted the Chinese police in selling PlusToken worth billions of dollars crypto in 2019, was called China's Chainanalysis.

Source https://twitter.com/wublockchain/status/1332498136191938561?s=12

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[Pizzalover420]

sold to themselves for their unlimited fiat, like all bitcoin will be, Chinese inventors of fiat.

[BrewMaster]

it is funny how any news that has China in it gets exaggerated A LOT and eventually turns into FUD. there are a lot of bitcoins being confiscated from a lot of scammers all around the world at all times. US government keeps confiscating and selling these coins every now and then through their auctions but you'll never hear this 1% nonsense or anyone calling it "dump on the market"!
even funnier thing is that nobody cares about such news anymore because the FUD is see through right now.

[sheenshane]

IMO, they will sell it but what confuses me is the 1% total amount of bitcoin in the market was sold in 2019 by Chaindigg and it is already back in circulation also, the incident with the Chinese authority has occurred in 2019 yet China just released the news recently.  I supposed there must be a conspiracy on this eventuality just IMO and I believe that all government will release such news in public right there and then since it will give a positive image and feedback if they do.

However, the news has come to us a year after the incident transpired which makes me think that they did it intentionally.

[fiulpro]

Well this is what the government does. They usually take the  scammers money or any asset and then they just sell it or put up a auction for the same. As it turns out it's generally converted into their fiat and then used for either the country or maybe sometimes goes in the pocket of the people who are unfortunately corrupt.
But as we know the price of Bitcoins is climbing as fast as it can and it's really good for the market and therefore I do believe that the government failed to dominate in this section.
Plus I don't think they are going to tell the exact time , date when they sold those coins , this is for sure some information that someone accidentally leaked so consider them sold way way before.

[Altcoinsintel]

If this information checks out then we will probably be talking about the end of the two year long Plustoken Ponzi FUD.
Also it will mean that if these coins were sold already, then the market is super bullish as it absorbed billions and it keeps rising to new all time highs.

[Lanatsa]

Well this is what the government does. They usually take the  scammers money or any asset and then they just sell it or put up a auction for the same. As it turns out it's generally converted into their fiat and then used for either the country or maybe sometimes goes in the pocket of the people who are unfortunately corrupt.
But as we know the price of Bitcoins is climbing as fast as it can and it's really good for the market and therefore I do believe that the government failed to dominate in this section.
Plus I don't think they are going to tell the exact time , date when they sold those coins , this is for sure some information that someone accidentally leaked so consider them sold way way before.

Even if its leaked or not, theres nothing we can do and its not a surprising thing that this one involves again with China which are known to be having that
dwindling kind of perception towards crypto neither they do become positive and later on they do become against with it.

With those coins that had been sell off then its pretty common for such government act.We don't even know if those sold coins to fiat had been totally
applied on that Chaindigg or just a small portion of it and the rest goes to their own wallets.

[Kupid002]

sold to themselves for their unlimited fiat, like all bitcoin will be, Chinese inventors of fiat.

Confiscated it or not it will sold in the market since the money collected is from one of the biggest scam in crypto space. So instead of holding that crypto that they didn't want to own they decided to sell it. We just don't know how they use the money collected after selling those coins in the market.
But overall it has the same impact in the market , is that tweet created this year or last year?

[coupable]

sold to themselves for their unlimited fiat, like all bitcoin will be, Chinese inventors of fiat.

Confiscated it or not it will sold in the market since the money collected is from one of the biggest scam in crypto space. So instead of holding that crypto that they didn't want to own they decided to sell it. We just don't know how they use the money collected after selling those coins in the market.
But overall it has the same impact in the market , is that tweet created this year or last year?

The tweet is created this year. I can't find the news but in this tweet which gives no references.
I agree with you that it would have the same impact in the market. While i can't understand the point fom op that the news about the Chinese government holding 1% of bitcoin's supply might be incorrect, it's China.

[bbc.reporter]

I found this report from a blockchain researcher called Ergo. It appears this might be Chaindigg's operation when the coins were sent to different wallets, they used different mixing methods and also sent to exchanges for selling.

https://research.oxt.me/special-situation-report/1/preview

https://research.oxt.me/special-situation-report/2/preview

https://research.oxt.me/publications

[Yogee]

....
is that tweet created this year or last year?

You were just one click away. Not enough data?

....
I can't find the news but in this tweet which gives no references.

The tweet by Wu regarding the 2019 btc sell off could be related to this article https://cointelegraph.com/news/plustoken-scam-selling-could-dump-btc-price-for-the-next-two-months

The 1% holdings by the Chinese government could have come from this report https://www.coindesk.com/chinese-authorities-have-seized-a-massive-4-billion-in-crypto-from-plustoken-scam

The document lists 194,775 BTC, 833,083 ETH, 487 million XRP, 79,581 BCH, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 6 billion DOGE and 213,724 USDT.

[doomistake]

Well this is what the government does. They usually take the  scammers money or any asset and then they just sell it or put up a auction for the same. As it turns out it's generally converted into their fiat and then used for either the country or maybe sometimes goes in the pocket of the people who are unfortunately corrupt.
But as we know the price of Bitcoins is climbing as fast as it can and it's really good for the market and therefore I do believe that the government failed to dominate in this section.
Plus I don't think they are going to tell the exact time , date when they sold those coins , this is for sure some information that someone accidentally leaked so consider them sold way way before.

It was what you called money laundering in a very low key way. I wonder why the Government released it after a year already considering that Bitcoin transaction is irreversible and I'm sure that the fiat was already spent in something else during that period of time. Chinese Government is just full of dark secrets that its people doesn't even know about, you could tell it in their eyes though (not being racist)

Chinese Government always want the top place in the world society, they never want to feel unimportant that's why they are creating problems and gives solution to them to make them feel superior amongst other countries especially those 3'rd world countries making them indebted to them.

[aesma]

I found this report from a blockchain researcher called Ergo. It appears this might be Chaindigg's operation when the coins were sent to different wallets, they used different mixing methods and also sent to exchanges for selling.

https://research.oxt.me/special-situation-report/1/preview

https://research.oxt.me/special-situation-report/2/preview

https://research.oxt.me/publications

I find it strange that a government would use mixing services, it's not like they need the privacy. Or maybe they did it precisely to avoid the risk of people realizing a massive amount of coins were going to be sold, so to avoid crashing the price ?

[bbc.reporter]

@aesma. The confiscated coins went to Chinese exchanges Huobi and Okex. I reckon that it is illegal for the Chinese government to trade on an exchange in their own behalf. This is why the American government auction confiscated coins.

However, if you ask the skeptical me, it might be for plausible deniability and because they have something to hide heheehe. It appears Chaindigg can be hired for moneylaundering purposes.

[davis196]

it is funny how any news that has China in it gets exaggerated A LOT and eventually turns into FUD. there are a lot of bitcoins being confiscated from a lot of scammers all around the world at all times. US government keeps confiscating and selling these coins every now and then through their auctions but you'll never hear this 1% nonsense or anyone calling it "dump on the market"!
even funnier thing is that nobody cares about such news anymore because the FUD is see through right now.

Yep,the crypto news sites have to "sell" their clickbait and get more clicks and ad revenue.
"Sensationalist" journalism has been invested long time ago...
Unfortunately,the Chinese government can do whatever it wants with the confiscated coins.There aren't any "checks and balances" in China and the Chinese courts don't have the power and authority to cancel a decision made by the government.
The members of the Chinese communist party can steal those coins and nobody can do anything about it.

[Wind_FURY]

I believe China is left scratching their heads on why the had to go through all the trouble selling those coins. The whole cryptocurrency market is on a path of price discovery for another ATH. They are missing a golden opportunity. The move was not very Chinese of them.

[Vishnu.Reang]

I believe China is left scratching their heads on why the had to go through all the trouble selling those coins. The whole cryptocurrency market is on a path of price discovery for another ATH. They are missing a golden opportunity. The move was not very Chinese of them.

Do you really expect the Chinese authorities to make investment in Bitcoin and the other cryptocurrencies? At that time, they treated the stash as proceeding from crime and similar to other non-cash assets the authorities followed the regular procedure and converted it to fiat currency. This is the same procedure which is followed by the other countries as well, to deal with "proceeds from crime".

[Wind_FURY]

I believe China is left scratching their heads on why the had to go through all the trouble selling those coins. The whole cryptocurrency market is on a path of price discovery for another ATH. They are missing a golden opportunity. The move was not very Chinese of them.

Do you really expect the Chinese authorities to make investment in Bitcoin and the other cryptocurrencies? At that time, they treated the stash as proceeding from crime and similar to other non-cash assets the authorities followed the regular procedure and converted it to fiat currency. This is the same procedure which is followed by the other countries as well, to deal with "proceeds from crime".

No, but their timing is not very Chinese of them. They can always wait for a 6-digit valuation, and then crash the price up to a low of $50,000 per Bitcoin, if they wanted to.

[Reatim]

If this information checks out then we will probably be talking about the end of the two year long Plustoken Ponzi FUD.
Also it will mean that if these coins were sold already, then the market is super bullish as it absorbed billions and it keeps rising to new all time highs.

Then it is plus factor to what is the reason of the Bullying market?aside from institutional investors and big company entering Cryptocurrency?
But of course this is still unconfirmed news.

I believe China is left scratching their heads on why the had to go through all the trouble selling those coins. The whole cryptocurrency market is on a path of price discovery for another ATH. They are missing a golden opportunity. The move was not very Chinese of them.

Or maybe they thought that the increase those time is the right timing?well that's another question needs to answer.

But about the selling?it's their right what to do in confiscated Bitcoin because for sure other countries will do the same as added Government fund.

[Lucius]

Do you really expect the Chinese authorities to make investment in Bitcoin and the other cryptocurrencies?

You need to know that the same rules do not apply to everyone, and that there are always those who are above the law or adapt it to their needs. In a political system such as communism, the system dictates to people what they can and cannot do - but in the background, those in power can do whatever they want, and even trade BTC if they want to.

Regardless of their general attitude towards Bitcoin being sent to the public, I wouldn't really bet that they don't invest secretly in something that shows huge potential. I personally believe that China is buying BTC, maybe not in large quantities and certainly not publicly - but they are certainly not so stupid as to completely ignore such an opportunity.