๐ The cryptocurrency market faces potential turbulence as reports emerge of the Chinese government allegedly resuming the sale of Ethereum ($ETH ) seized from the PlusToken pyramid scheme. This development marks the first significant movement of these assets since 2021, with approximately 7,000 ETH out of the remaining 542,000 ETH (valued at $1.3 billion) reportedly transferred to exchanges within the past 24 hours.
โ The PlusToken scam, operational from 2018 to 2019, amassed substantial cryptocurrency holdings before Chinese authorities intervened. While a significant portion of the confiscated Bitcoin was liquidated between 2019 and 2020, the majority of the Ethereum remained untouched until mid-2021. The resurgence of these asset movements could potentially exert downward pressure on $ETH prices in the short term.
๐ฌ How do you think this large-scale liquidation of seized assets by a government entity might impact market sentiment and the broader adoption of cryptocurrencies? Could this influence future regulatory approaches to handling confiscated digital assets?
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