The Chinese government is a “crypto whale” having forfeited digital currencies to the tune of $6 billion to the national treasury in 2019, according to the founder and chief executive officer of blockchain data analytics firm Cyptoquant, Ki Young Ju.
“They forfeited these $6 billion-worth assets to the national treasury,” he stated.
Listed Companies’ Bitcoin Holdings Pale In Comparison
In 2018, PlusToken was set up as a blockchain project in the eastern province of Jiangsu, China by Chen Bo and his accomplices, promising high returns on investments, thereby luring millions of people.
Investors were also required to pay membership fees in cryptocurrencies.
Eventually, along with 82 core members hiding in Cambodia, Vanuatu, Vietnam, and Malaysia, all 27 of PlusToken's accused masterminds were apprehended in 2020.
Authorities also seized billions in cryptocurrency that had been obtained through the scam.
"Sell-side liquidity from miners, institutional investors, and retail investors is almost nothing if you compare governments," Young Ju told Fortune via a Twitter DM.
In a separate Twitter post, Young Ju said the government of Bulgaria holds over 200,000 Bitcoin.
Chinese Government Selling Its Crypto Holdings Could Be Crazy
When asked what could be the effect of the Chinese government selling its forfeited Bitcoin, Young Ju said, "It could be crazy. Imagine they start dumping 194,000 Bitcoin to kill crypto markets."
Price Action: Major cryptocurrencies are trading flat on Saturday, according to data from Benzinga Pro.
Also read: Is The Dogecoin Slump Just A 'Blip' Before A Rally? Here's What Experts Say
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