⚖️ 61,800 BTC may be seized all at once: Chinese prosecutors are seeking forfeiture
📌 CoinDesk reports that Chinese prosecutors are seeking to forfeit more than 61,800 BTC linked to a $5.7 billion fraud case involving over 102,000 investors.
📌 The central figure in the case is Qian Zhimin, whose company is accused of selling unlicensed wealth management products and using new investors’ money to pay off earlier investors.
📌 A few days ago, a UK court ruled that Chinese law applies to victims’ claims for the Bitcoin seized in the UK.
📌 A six-month period for interested parties to submit claims has begun in China.
🔍 My take:
1️⃣ 61,800 BTC is an enormous “government-level holding.” How it is ultimately handled (auctioned, held, or returned to victims) will be a market uncertainty over the next six months.
2️⃣ For now, this is only a forfeiture application; no sale has been initiated. Don’t mistake it for selling pressure.
3️⃣ BTC is currently around $83,000 and has recently traded in the $80,000–$85,000 range. The Fear & Greed Index is at 68 (Greed), so sentiment is elevated and news could easily amplify volatility.
👉 Do you think these coins will eventually be sold, or held by the state for the long term? Share your thoughts in the comments 👇
$BTC $ETH
#比特币 #加密新闻 #币安广场
These are personal opinions only and do not constitute investment advice
📌 CoinDesk reports that Chinese prosecutors are seeking to forfeit more than 61,800 BTC linked to a $5.7 billion fraud case involving over 102,000 investors.
📌 The central figure in the case is Qian Zhimin, whose company is accused of selling unlicensed wealth management products and using new investors’ money to pay off earlier investors.
📌 A few days ago, a UK court ruled that Chinese law applies to victims’ claims for the Bitcoin seized in the UK.
📌 A six-month period for interested parties to submit claims has begun in China.
🔍 My take:
1️⃣ 61,800 BTC is an enormous “government-level holding.” How it is ultimately handled (auctioned, held, or returned to victims) will be a market uncertainty over the next six months.
2️⃣ For now, this is only a forfeiture application; no sale has been initiated. Don’t mistake it for selling pressure.
3️⃣ BTC is currently around $83,000 and has recently traded in the $80,000–$85,000 range. The Fear & Greed Index is at 68 (Greed), so sentiment is elevated and news could easily amplify volatility.
👉 Do you think these coins will eventually be sold, or held by the state for the long term? Share your thoughts in the comments 👇
$BTC $ETH
#比特币 #加密新闻 #币安广场
These are personal opinions only and do not constitute investment advice