Arkham Report: China Govt Holds 194k BTC From PlusToken
The PlusToken Puzzle: Seized Crypto and Unanswered Questions
1️⃣ Background: Colin Wu, a Chinese journalist, has reported on the aftermath of PlusToken, one of the biggest crypto Ponzi schemes ever. This scheme raised 310,000 Bitcoin, 9.17 million Ethereum, and 51 million EOS.
2️⃣ Seizure: Chinese authorities seized 190,000 BTC, 830,000 ETH, and 27.24 million EOS from the operation. But what happened next?
3️⃣ Sales: Investigations reveal that most of these seized bitcoins were sold between late 2019 and mid-2020, when BTC prices ranged from $7,000 to $12,000. This was done through Beijing Zhifan Technology, similar to US-based Chainalysis.
4️⃣ Unresolved Mysteries: Despite the sales, about 15,000 BTC might still be unsold. Additionally, the Ethereum addresses haven't moved, raising questions about the remaining assets.
5️⃣ Discrepancies: There's a possible mismatch between addresses traced by Chinese police and those tracked by overseas analysts.
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