The Chinese government is reportedly selling a significant amount of Ethereum (ETH) that was seized from the PlusToken pyramid scheme, which is believed to be one of the factors contributing to the recent decline in the cryptocurrency market. Around 7,000 ETH out of the remaining 542,000 ETH (worth $1.3 billion) linked to the case were sent to exchanges in the past 24 hours, signaling the start of the asset sell-off. The PlusToken scheme was a multi-billion dollar cryptocurrency fraud that operated from early 2018 until June 2019 when its organizers were arrested. The majority of the confiscated Bitcoin was already sold between August 2019 and March 2020, amounting to approximately $1.3 billion worth of BTC. Now, with the alleged resumption of the sale of the remaining Ethereum, the market may experience increased selling pressure and potential impact on prices in the short term.



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