According to the data, the Bitcoin miner withdrew 1,366 BTC just seconds before China officially announced that it would ban the cryptocurrency. The data shows that a miner was able to cash out $58 million worth of cryptocurrency just minutes before Beijing issued its statement.
China made an announcement about cryptocurrencies
The People's Bank of China (PBoC) made a public announcement yesterday regarding cryptocurrencies. In the announcement, the PBOC said that the surge in cryptocurrency trading is disrupting the economic and financial order. The central bank said cryptos have also led to the spread of illegal and criminal activity. According to the PBoC, these crimes, such as gambling, illegal fundraising, fraud, pyramid schemes and money laundering, seriously endanger the safety of people's property.
The first item China's monetary authority drew attention to was "to establish that cryptocurrencies do not have the same legal status as legal currency". Therefore, the PBoC concluded that “cryptocurrency-related business activities are illegal financial activities.”
The miner has withdrawn 1,366 Bitcoins before China's announcement: Here are the details
The miner pulled 1,366 BTC prior to the above announcement. This amount came after 952 BTC withdrawn earlier. So, what happened in this process? How did the transactions take place? Here is the minute-by-minute detail of the event (time information is given as UTC)…
24 Sep - 09:55:56 - CHINA STATE PLANNER SAYS ISSUES NOTICE ON CRACKDOWN OF CRYPTOCURRENCY MINING
14:00 – 23/09/21 – Miner unexpectedly withdraws 952 BTC
09:15 – 24/09/21 – Miner withdraws 1,366 more BTC
09:55 – 24/09/21 – Latest news on Chinese crypto ban
09:57 – 24/09/21 – Chinese State Planners decide no financial support for crypto miners
09:58 – 24/09/21 – Chinese State Planners ban miners from participating in energy credit markets
10:01 am – 24/09/21 – Chinese State Planners announce tighter energy controls for crypto miners
10:04 – 24/09/21 – Bank of China issues notice to divest cryptocurrency speculation risk
10:07 am – 24/09/21 – Bank of China says crypto-related activities are illegal
10:08 – 24/09/21 – China bans overseas crypto companies from serving Chinese investors
10:09 – 24/09/21 – It was stated that there will be tough new penalties to enforce the regulations.
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