Cambodia extradites Chen Zhi, the chairman of online scam conglomerate Prince Group, to China; in October, the US DOJ seized Chen's bitcoin worth nearly $12B

Comments

• Lovstuhagen@hilariouschaos.com ⁨1⁩ ⁨week⁩ ago

  Seizing that amount of bitcoin is absolutely remarkable.

  Imagine what would happen if:

  • Chen Zhia is convicted (likely)
  • Chen Zhia is forced to then have all his assets confiscated (likely)
  • Assets have to be liquidated (likely), sometimes this is done to pay damages based on his crime but a lot of it will just be seized and made us of by the government.

  The government now has a lot of decisions to make concerning HOW it will be liquidated since it’s not like regular money.

  I suppose they could even theoretically decide to keep it in BitCoin form, but at some point… they will be putting it back into the market, and they have to come up with a strategy on how to do that.

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