Chinese reporter: China likely sold the $3+ billion in Bitcoin, Ethereum affiliated with PlusTokenBTC $18,109 (+4.8%) • ETH $554 (+5.7%) • XRP $0.62 (+8.7%)
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This morning, news broke that there has been a massive development in the PlusToken case. PlusToken was a 2019-era crypto Ponzi scheme that managed to trick mostly users in Asia into depositing billions worth of Bitcoin, Ethereum, EOS, and a number of other digital assets. The news released today by The Block found that $4.2 billion worth of cryptocurrency has been seized by lawmakers in China. It was rumored that there were still many of PlusToken’s ringleaders on the run, though this report may have put this rumor to rest. The holdings that Chinese authorities claim to have seized are substantial: 194,775 BTC, 833,083 ETH, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 487 million XRP, 6 billion DOGE, 79,581 BCH, and 213,724 USDT. While these assets only had a value of approximately $2 billion when they were first sent to the scam, they now value at $4.2 billion. What the report didn’t make clear was whether or not these tokens have been sold. The crypto market correction in 2019 is rumored to have been caused by an influx of selling pressure of Bitcoin and Ethereum on exchanges like Huobi, seemingly from PlusToken-related addresses. This report appears to have contradicted this, or did it? Ad 📈 Earn 8% APY on Bitcoin & 9 more crypto assets and 12% on Fiat & Stablecoins. Compounding interest, paid out daily. Trending … 🚜 DeFi Tokens • 🔮 Oracle Tokens • 📈 Biggest Gainers • 💵 Stablecoins More news ⏬3 reasons Stellar (XLM) saw a 166% rally within five daysThe price of XLM, the native cryptocurrency of the Stellar blockchain, has been showing strong momentum. There are three reasons why XLM saw a 166% rally in the past week. Nouriel “Dr. Doom” Roubini lambasts Bitcoin in 12-part Twitter thread: “it is worth $0”A few weeks ago, some thought that Nouriel “Doctor Doom” Roubini was changing his tone on Bitcoin. Crypto bull run returns with 25% Cardano (ADA) rallyIt seems that the crypto bull run may be returning as Bitcoin, Ethereum, and altcoins mount a strong recovery from their lows. Ethereum-based token of new DeFi trading platform surges 1,000% in two weeksBitcoin and Ethereum may be crashing but this hasn’t stopped DeFi projects from gaining traction. High-net-worth Bitcoin investors aren’t all bearish—potential reasons whyHigh-net-worth investors are not all that bearish on Bitcoin despite the recent drop. Bitcoin derivatives market hasn’t been this wrecked since the March crashOn November 26, the Bitcoin futures market recorded nearly $800 million in long contract liquidations alone. Counterargument: why China seizing $3.2B in Bitcoin and Ethereum isn’t a big dealAccording to a report from CoinDesk, the Chinese government has seized $4.2 billion worth of cryptocurrencies. Why the Russian Prime Minister wants to “protect” Bitcoin and crypto usersRussia has enjoyed an on-and-off relationship with cryptocurrencies, with ever-changing regulations and official perceptions fluctuating between periods of yes crypto and no crypto. Here are the factors that drove the Bitcoin market cap up by $100 billion in the past monthBitcoin’s market capitalization has exploded higher by approximately $100,000,000,000— or $100 billion — over the past 30 days alone. Control your wealthAd: A trusted and accessible wealth management ecosystem powered by blockchain technology, SwissBorg puts your wealth back in your hands. 🗞 Got a story tip? Email tips@cryptoslate.com Crypto market dataFor more pertinent market data, please see: Connect with usDisclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to the content within this article.
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