DIGIVESTASI - Chinese authorities are believed to have sold 194,000 bitcoins seized from the Ponzi scheme PlusToken in 2019, according to Ki Young Ju, CEO of CryptoQuant, who shared this analysis on his X account.

Since the bitcoins were seized, their fate has remained unclear. However, after analyzing blockchain transactions, Ki Young Ju concluded that the Chinese government most likely used cryptocurrency mixers and centralized exchanges, such as Huobi, to liquidate the seized assets.

Ki Young Ju provided an in-depth analysis of blockchain transactions that indicate the seized bitcoins were sold in early 2019. The sale process involved first channeling the assets through crypto mixers and then moving them to exchanges for sale.

"Chinese authorities have not confirmed the sale, so speculation about the 194,000 BTC continues. However, blockchain data shows otherwise—they sold it all using mixers and exchanges in 2019. I trust on-chain data more than the Chinese government’s claims," he explained.

When China seized the bitcoins in 2019, their market value was around $4 billion. Had they waited to sell them now, the assets would be worth nearly $20 billion.

What is PlusToken?

PlusToken was one of the largest Ponzi schemes in cryptocurrency history. Founded in 2018, the platform promised large profits for investors. However, it turned out to be a fraudulent project.

Essentially, PlusToken operated like a classic pyramid scheme, with early investors being paid returns using funds from new participants. In June 2019, it became known that PlusToken was in critical condition. The creators of the platform siphoned billions of dollars in cryptocurrency, leaving investors with no compensation.

After the collapse of PlusToken, a major investigation was conducted, leading to the arrest of those involved in the scheme. Despite this, only a small portion of the stolen funds were recovered for the victims.

On the other hand, some analysts predict that the current crypto bull market has the potential to become the longest in history, although they warn investors to remain cautious.

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