The thugs finally fall – 18 months later, we finally have the end of the Bitcoin Machine scam . The perpetrators of the scam were arrested, and 4 billion cryptocurrencies were seized. But one question remains: was the fruit of the theft sold by China?
Breakdown: $ 4.2 billion in crypto
The perpetrators of this high-profile scam were convicted in a September 22 decision for deceiving nearly 2 million people and extracting the equivalent of $ 7 billion in crypto-assets from them .
In a court decision made public on November 26, 2020, Chinese justice specifies the extent of the PlusToken scam. No less than 194,775 BTC , 833,083 ETH , 1.4 million LTC , 27.6 million EOS , 74,167 DASH , 487 million XRP , 6 billion DOGE , 79.581 BCH, and 213,724 USDT were stolen from users of the platform.
At the current price, all of these assets are valued at over $ 4.2 billion . Although these sums are officially confiscated, their fate is still the subject of debate.
China and PlusToken responsible for the 2019 bear market ?
According to official sources, including the court ruling released on November 26 , the currency was simply seized. But, the cryptosphere is not of the same opinion. A good number of observers assume that the assets have already been sold by the Chinese government . In 2019, blockchain analysts have indeed highlighted significant moves in the direction of OKeX and Huobi , involving assets linked to the case.
If these moves were made by the Chinese government, that would corroborate the suspicions. Such an influx of liquidity would necessarily have had a major impact on the prices of the various assets. So much so that some attribute part of the 2019 bear market to this massive sale of assets.
All of these elements seem to confirm that the fruit of the PlusToken scam would have been mostly sold, thus ruling out the possibility of a massive influx of cash in the coming days.