China Sells Nearly 194,000 Bitcoins Gradually

The CEO of CryptoQuant, Ki Young Ju, has revealed that the Chinese government may have sold off nearly $20 billion worth of bitcoin that was seized in 2019 as a result of a Ponzi scheme.

Young Ju believes that around 194,000 bitcoins were gradually sold through exchanges such as HTX (formerly known as Huobi), according to Market CoinCap, Friday, January 24, 2025.

Selling the confiscated bitcoin

The Chinese government previously announced that the cryptocurrencies seized through the scheme in 2019 were seized from the national treasury, but has since not clarified whether they were sold.

The CEO of the crypto analytics firm expressed doubts about government-controlled entities holding cryptocurrency like bitcoin, saying: “It seems unlikely that a regulated system would hold illicit funds.”