TechFlow reports, citing Wu Shuo, that a recent chart claiming government holdings of Bitcoin by country has been widely circulated, stating that the Chinese government holds 194,000 Bitcoins from PlusToken. Previous investigations have shown this claim to be false. After communicating with multiple OTC traders, it was revealed that a significant portion of these Bitcoins were sold between late 2019 and mid-2020, when BTC prices ranged from $7,000 to $12,000. The wording in court judgments—“illegal gains and proceeds shall be confiscated according to law and turned over to the state treasury”—partially supports this explanation. On-chain data also indicates that the majority of these Bitcoins were long ago sold through Huobi.
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