BREAKING: Chinese authorities seize over $4.2 billion in cryptos from #PlusToken Ponzi crackdown, according to a new court ruling
Seized Assets:
194,775 $BTC
833,083 $ETH
1.4 million $LTC
27.6 million $EOS
74,167 $DASH
487 million $XRP
6 billion $DOGE
79,581 $BCH
213,724 $USDT
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sir, there are now less btc in the market = higher price floor
We got to cocky biz bros. Another dump incoming.
That's assuming the keys are lost or that the goverment decides to burn all those tokens.
Pretty big assumptions. I think the odds of a scammer being able to dump billions of dollars worth of stolen tokens on the market, is far slimmer than the chinese goverment dumping these tokens.
>Coins confiscated
>Less Supply
>Price goes __
>As part of the ruling, the court said "the seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury."
>However, the Yancheng Intermediate People's Court doesn't elaborate on how much of the seized crypto assets have been or will be "processed" or via what method exactly.
so how long will it take them to dump all that crypto and how low will it go?
maybe they sell it directly yo cashapp or paypal and it doesnt affect the market, kek. unlikely.
That is unironically bullish
>"the seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury."
they can dump it
>Price goes __
oh
fuck
Of course they'll sell them. It's a standard procedure to publicly sell all crime related confiscated goods in pretty much any country. Why are you guys surprised? US will auction those 70k SR btc as well.
hahaha and not a single XRP topkek
Wait I only understand now it's 194,775 in BTC, not in Dollars
That's fucking massive
Do you understand what "seize" means
The most interesting bit of info is which particular token is not on that list.
XMR.
Don't tell me these guys stored billions of shitcoins like eos, xrp or dash for their illegal operations, but did not hedge a single XMR?
Massive xmr buy signal for me.
GOOD
You mean xmr, but yeah, I agree. Big validation for the effectiveness of moneros anonymity.
They wont dump it. China are way ahead of the US gov on crypto snd long term strategy.
They’ll keep it and have an even stronger reserve in 20 years when it moons.
Sounds like I'm about to get some good deals in the near future.
Yes they will store the dogecoins im sure dogebros
Is biz unironically the lowest IQ of all boards
Stfu delusional retard
isn't Monero a safe heaven for criminals? why wasn't the scammer using it?
You fucking wish, mate.
I see it going 2 ways;
* The Chinese keep the crypto as leverage and start getting fucky with these coins (Objectively horrible)
* They sell them instantly tanking the coins (not necessarily bad)
Based on historic events I'm thinking you will see much fluctuation whenever the CCP want to hide their foreign aquisitions.
they cannot sell those as they don't own them do you understand that?
...
Oh yeah. I bet the CCP gives many fucks about that.
>6 billion $DOGE
holy fuck it's over
Thats what im implying. They very likelyndisnuse monero but the Chinese, while being able to find all the other coins, didn't find their moneros.