The Block reported yesterday that according to a court ruling (Jiangsu Yancheng Intermediate People’s Court), Chinese authorities confiscated a total of 194,775 bitcoin, 833,083 ether, 1.4 million litecoin, 487 million XRP, 79,581 bitcoin cash, 27.6 million EOS, 74,167 dash, 6 billion dogecoin, and 213,724 tether.
The Asian Times noted that the move was connected to the PlusToken Ponzi case which was initially ruled on by a lower-level district court in the city of Yancheng in China’s Jiangsu province on September 22.
This is massive news. The amounts seized by the Chinese police:
– 194,775 BTC (1% of circulating supply)
– 833,083 ETH (0.73% of circulating supply)
– 1.4 million LTC
– 27.6 million EOS
– 74,167 DASH
– 487 million XRP
– 6 billion DOGE
– 79,581 BCH
– 213,724 USDT https://t.co/Fp79lyden4
— Larry Cermak (@lawmaster) November 27, 2020
Decrypt highlighted that the scheme “not only raked in 1% of the total Bitcoin supply, but 0.73% of total ETH, and 5% of all DODGE in circulation, too.”
In addition, at time of writing, the digital assets are worth almost $4 billion by CoinDesk’s calculation. Coindesk also added “It’s not clear how China would dispose of the cryptocurrencies, per the report. If they were sold en masse for fiat currency it could again affect the prices of the cryptocurrencies in the seized pool.”