China Offloads Billions in Bitcoin, Flaunting Tight Crypto Crackdown

Despite a nationwide ban on crypto trading and holding for individuals, China has secretly auctioned off billions of dollars worth of seized bitcoin through offshore platforms. This move raises concerns about potential corruption and lack of transparency as government-commissioned companies convert the digital assets into U.S. dollars and yuan before depositing funds in regional financial accounts. A Shenzhen firm, Jiafenxiang, is estimated to have handled over $408 million in crypto transactions since 2018 on behalf of various Chinese cities.