“China’s government is a crypto whale”Ki Young Ju posted and added: “Chinese authorities seized 194,000 bitcoins, 833,000 ethereum and others from the PlusToken scam in 2019. They handed over $6 billion worth of these assets to the national treasury.”
If China still owns the bitcoin and ethereum it seized, the country would rank among the largest crypto whales in the world.
“Liquidity on the sell side of miners, institutional investors and retail investors is next to nothing if you compare governments,” Ki Young Ju said via Twitter DM, adding in a separate Twitter post that the Bulgarian government you can have more than 200,000 bitcoins.
“It could be crazy,” said Ki Young Ju when asked what the effect of China selling the coins could be.yes “Imagine they start dumping 194,000 bitcoins to take down the crypto markets.”
However, some think that China may have already offloaded the coins, pointing to reports from local journalists and crypto investors suggesting that China may have worked with an exchange like Huobi to sell the cryptocurrencies.