China Offloads Massive Crypto Holdings, Second Largest in the World

Following a major theft that saw over $2 billion in Bitcoin disappear during the PlusToken scam, Chinese authorities have taken action. Despite seizing the stolen funds, their ultimate disposition remains uncertain. Recent reports indicate that local governments are leveraging private firms to sell seized cryptocurrency for cash, potentially boosting their budgets. Notably, China has reportedly offloaded its entire 194,000 Bitcoin holding in a significant move towards divestment.