🚨 China moves to seize 61,800 $BTC linked to one of the biggest fraud cases
Chinese prosecutors are seeking to confiscate more than 61,800 bitcoins, worth an estimated $5.7 billion, linked to a massive fraud scheme.
Notably, this move comes days after a court ruling in Britain that Chinese law governs victims’ claims relating to these coins.
📉 For the market, the figure is worth watching, but it’s important to distinguish between a request to confiscate the bitcoin and an actual sale. Even if the coins are confiscated, that doesn’t necessarily mean they’ll be put on the market.
In my view, the most important question now is what will happen to this huge amount: will it remain frozen, or will it be subject to further proceedings?
Chinese prosecutors are seeking to confiscate more than 61,800 bitcoins, worth an estimated $5.7 billion, linked to a massive fraud scheme.
Notably, this move comes days after a court ruling in Britain that Chinese law governs victims’ claims relating to these coins.
📉 For the market, the figure is worth watching, but it’s important to distinguish between a request to confiscate the bitcoin and an actual sale. Even if the coins are confiscated, that doesn’t necessarily mean they’ll be put on the market.
In my view, the most important question now is what will happen to this huge amount: will it remain frozen, or will it be subject to further proceedings?