While most bitcoin reports list China as one of the nations holding the most BTC, this belief has been recently contested. Ki Young Yu, founder and CEO of Cryptoquant, an on-chain data analysis platform, recently stated that he believes China has already sold its whole bitcoin stash.
Yu declared that, in his opinion, the 194,000 BTC whose ownership is commonly attributed to China was sold some time ago.
On social media, Yu declared:
Plustoken’s seized BTC in 2019 was sent to Chinese exchanges like Huobi. The CCP said it was “transferred to the national treasury” without clarifying if it was sold.
“The seized BTC from the Plustoken scam was mixed and sent to exchanges in 2019. There’s no point in using mixers and multiple exchanges if they didn’t sell it,” he assessed.
As Yu stated, these bitcoin are part of a large seizure made by the Chinese authorities as it acted on Plustoken, one of the largest cryptocurrency Ponzi schemes.
Read more: Chinese Police Seize $4.2 Billion in Multiple Cryptocurrencies From Plustoken Ponzi Clampdown
Yu clarified that, while on-chain data clearly shows that a sale operation is likely to have occurred, there has been no confirmation from the Chinese party about such a sale.
Nonetheless, he remarked on the use of mixers to distribute these funds in 2019, an indicator that would signal a possible sale.
The notion of China as a large bitcoin holder has been disputed by several crypto industry actors, who also believe that China currently holds no bitcoin at all.
Sani, the founder of Time Chain Index, also rejected this belief. “I don’t know who needs to hear this, but there is no proof that China still holds any of their confiscated Bitcoin,” Sani stated, inviting anyone believing this to be true to indicate the holding addresses of the alleged Chinese BTC holdings.
Read more: Crypto Myth Debunked? There’s No Evidence China Owns 194,000 Bitcoin
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