As a seasoned crypto investor with more than a decade of experience navigating the volatile cryptocurrency market, I must admit that the recent decline in Ethereum (ETH) prices has raised some eyebrows. The rumors about China’s alleged selling of seized ETH from the Plustoken scam have added fuel to the fire, causing uncertainty among investors like me.
Recently, the value of Ethereum (ETH) has noticed a decline, and experts attribute this primarily to the following reason: it appears that the Chinese government might be increasing its holdings of Ethereum.
In a surprising turn of events, the ETH mentioned earlier was reportedly recovered from the notorious PlusToken Ponzi scheme, which is known as one of the biggest cryptocurrency frauds ever recorded.
The data published in early August revealed that Chinese authorities moved approximately 7,000 Ether (valued over $1.3 billion) to a trading platform, potentially signaling the initiation of a large-scale public sale. This Ethereum may represent the final 542,000 ETH, which were mostly undisturbed since mid-2021, and were previously owned by Plustoken from China.
From 2018 to 2019, a massive cryptocurrency scam known as Plustoken was in operation, estimated to be worth billions of dollars. When this scheme collapsed, Chinese authorities seized approximately 194,000 Bitcoin and 830,000 Ethereum from the people in charge. As of 2020, most of the Bitcoins were devalued, but Ethereum remained relatively stable for a considerable period.
In simple terms, China’s involvement with key businesses such as the Ethereum Foundation might face market pressures in the upcoming weeks.
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2024-10-10 15:36