The Chinese government has imposed a state ban on the circulating and transactions of crypto within the boundaries of the country, but the official government treasury of the country has been managing the cryptocurrency more than the MicroStrategy company, which is considered one of the biggest global investors company in the bitcoin.
The country has been able to achieve this mark after seizing the crypto assets from the PlusToken Ponzi scheme. The Chinese government carries more Bitcoin than MicroStrategy in its treasury after government officials were able to size around 194,775 bitcoins during the recent and notorious PlusToken scam.
The total asset value of these cryptocurrency Bitcoin holdings is approximately $3.9 billion. In this way, the Chinese govt can hold around 1% of the total in circulation bitcoins with them. The present status of all these seized crypto assets or their future disposal is not briefed by the government in any public reports, so the future that happens with these crypto assets is not mapped at this moment.
The PlusToken Ponzi scheme accumulated approximately $2 to $2.9 billion of crypto assets at the time the crypto scam came to the limelight. As per the Chinese court verdict on the outcomes of the scam case all these seized tokens will be regulated in terms of the processed under laws and so will be forfeited into the national treasury.
Along with the recovery of Bitcoin from the recent scam case, the government has also been able to seize around 833,083 Ethereum cryptocurrencies, around 1.4 million litecoins, approximately 27.6 million EOS, a total of around 74,167 DASH cryptocurrency, approximately 487 million XRP coins along with 6 billion doge coins and 79,581 bitcoins, and approximately 213,724 USDT. All of these confiscations by the Chinese government are worth around $5 billion.
What was the PlusToken Ponzi scheme?
The infamous PlusToken Ponzi scheme was initiated in 2018, in which the scammer announced that it will give users some monthly payments as an encouragement of using their digital crypto wallet. In the complete case, all the users who were pursued by the scammers were from china and south Korea.
After the investigations of the scheme, around 27 individuals from various counties like the Cambodia, Vietnam, Malaysia, and Vanuatu were arrested by the officials for the ponzi scam. The courts in china sentenced them the jail for around 11 years. The complete scam was executed by approximately 100 members from these countries.
Who is MicroStrategy company?
The company MicroStrategy is considered one of the world’s largest corporate owners of the Bitcoin cryptocurrency which are total of 130,000 bitcoins by the end of the third quarter of this year.
