China has more blades than most governments recognize It came from law enforcement attacks, often linked to beloved fraud, which collapsed in 2019. According to the latest ruling in 2020, the Jiangsu Yanching Court for Mediterranean Persons, the authorities seized:
- 194,775 BTC
- 833,083 eth
- 487 million xrp
- 6 billion dusk
- 79,581 bch
- 1.4 million LTC
- 27.6 million EOS
- 74,167 Dash, and;
- 213,724 USDT
Plusoken had withdrawn more than two billion dollars from encryption from investors all over the world. Fraud began in 2018, when a group of fraudsters launched its headquarters in China and claimed to be from South Korea applying a promise of monthly returns between 9 % and 18 %.
The PlusToken application has been marketed as a encryption wallet and an investment platform. It works using a multi -level marketing model, which requires users to bring more people.
More than two million people fell, and they sent an encryption to the platform in the hope of obtaining high rewards. But there was no trading, no arbitration, and there are no profits – just new money used to pay the previous investors.
By mid -2019, users began reporting that they could not withdraw their money. This is when the investigators discovered that the governor was drained, and the money was transferred. The authorities in China quickly responded.
they Arrest 27 senior members of the Plusoken team, in addition to 82 others linked to the case. The full list of what they took in the raid was released by the court in November 2020, revealing the Nubian scale.
The total value of encryption at that time was exactly $ 4. Despite the prices of currents, it is $ 20.77 billion. Yich!
China took the encryption, but it said almost nothing
After the arrests and the assets, the court ruling said that the money “will be addressed in accordance with the laws and revenues and gains will be confiscated to the national treasury.”
That’s all that anyone officially heard. There was no general information on how to sell assets, when or if the assets were sold. This silence started years of speculation.
By January 2025, it is still officially clear whether China is still carrying these assets or if sold. But some analysts on the series say they saw the corridor. Ki Young Ju, CEO of Cryptoquant, has published that the data on the series shows that Bitcoin was transferred to exchanges like Huobi (now HTX) shortly after seizing it. he He said:
China has already sold 194,000 Bitcoin, [in my opinion]. BTC was seized in Plustoken in 2019 to Chinese exchanges like Huobi. CCP said it was “transferred to the national treasury” without clarifying whether it was sold. An controlled system that carries control funds feel unlikely. CCP did not confirm a sale, which is why people are still talking about 194 kg BTC. Data on the series tell a different story: They sold everything, using mixers to distribute money through stock exchanges in 2019. I trust in the series, not CCP. “
The Chinese government has never confirmed the sale or giving any details about the whereabouts of the money now. But if Young Joe is right, this means that one of the largest BTC dumps known in the date of encryption has been done without any general data or official exchange warnings or notice, which admits that it is just a classic Chinese step.
Beijing interseted the encryption while Hong Kong continued to build
While the beloved epic had played, the central government in China was Tightening Its grip on everything encodes. Starting in 2013, the authorities began to reduce banking support to the exchange of encryption.
In 2017, they went further – the first currency shows (ICOS) and the main exchanges to close them. It was when Binance, founded by Zhao Changpeng in Shanghai, moved to Hong Kong just two months after working on the mainland.
By May 2021, Liu, Chinese Deputy Prime Minister, said that the country will be to the behavior and circulation of bitcoin mining, pointing to the dangers of financial stability and environmental concerns.
In the same year, in September, the Popular Bank of China has officially announced all illegal cryptocurrencies. This step effectively closes all legal encryption activity in the country.
But Hong Kong was a different story. While the main mainland closed everything, Hong Kong became a sand box for encryption, with two main players such as Bitfinex, ANC (which later OSL), and FTX prepared operations there.
Traders used price gaps between regions for arbitration. The work of developers around the regulations. By 2025, Hong Kong is still active, although its relations with the main righteousness have stressed politically.
China wants Blockchain, but without its coins
Although Crypto ban, China’s leadership has not turned away from the technology behind it. In October 2019, President Xi Jinping said Blockchain should be treated as a basic technology and pushed it for more research and investment.
The government added it to the official plan for a period of five years in 2021. But the focus was on the technology of central institutions and systems, not encryption assets.
Examples include Blockchain (BSN), which was created by Red Date technology. The company’s CEO, Yivan, said that BSN is now focusing on a Blockchain digital identifier, which allows people to deal without providing personal information to third parties. Yivan said this technique aims to work without encryption, which is still prohibited in China.
However, some believe that the encryption door is not completely closed. Yivan said:
“If China does not open to an encryption before Donald Trump leaves his post, this will not open at all, because it will definitely become more difficult at a later time. With Trump in office, there is still room for discussion at least.”
Yivan also said that if the mainland users are allowed to use licensed exchanges in Hong Kong, this may lead to the conversion of the city to the International Crypting Center – but only if the red lines are not crossed.
Yivan explained that the main land will remain stuck with the $ 50,000 foreign currency ceiling, and no encryption can be used to send money out. He said: “The flow and flow of money remains the most sensitive issue and will never be relaxed.”
President Trump, now in his second term, is moving in the opposite direction of China. He ran on a pro -captain platform and signed an executive order to create a strategic Bitcoin Reserve for the United States, which is part of a batch to make America the leader in encryption, while China continues to deal with it as a threat.
Old headlines are still moving the coins associated with early China’s encryption days
The date of encryption in China has not started with Plusoken or even with Binance. It dates back to 2012, when a user named FriedCat was published on Bitcontalk that he was launching a company to build ASIC devices to extract Bitcoin.
His real name is Jiang Xinyu, and promised to pay profits from mining profits. People sent money. The company was called Asicminer. She succeeded for a while, but eventually collapsed after complaints about the past payments and unjustified machines.
This did not stop the rise of encryption in China. With cheap power and fast factories, the country soon became the upper place to make mining and mining equipment. This continued until the circulating ban. Even after that, the remains of the first days still appear on the chain.
After the presidential elections on November 5, 2024, one of the old Bitcoin headlines associated with FriedCat was sent more than 206 BTC, worth $ 19.6 million. It was the first main movement of this title in seven years, and almost emptied the wallet.
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