More than $11 billion invested in China in 2019 in crypto


Peckshield, a China-based blockchain-focus security firm, has recently published its report dedicated to digital assets investment field for 2019 observing several tendencies of the local crypto environment along the year.
According to the study, in 2019 the growing capital entries in the Chinese crypto industry revolved around $11 billion.
Furthermore, it has been revealed by the report that the Chinese citizens managed to find various methods to circumvent the local authorities’ interdiction against crypto exchanges that operate in China.
The main alternative of Chinese users to access Bitcoin and cryptocurrencies and also to participate in ICOs or IEOs was to access foreign crypto exchanges via various means that would avoid detection from local law enforcement agencies. The Chinese investors who looked to place large sums of money into cryptocurrencies have equally been taking advantage of OTC platforms.
The report continues to reveal that in 2019 more than $11 billion have been traded in crypto transactions in China, which is quite a lot by any standards. It makes us wonder if Chinese authorities are not right to believe that its citizens use Bitcoin and cryptocurrencies to move some of their wealth across the border.
However, the numbers have declined from the previous years. In 2018, there were almost $18 billion placed in cryptocurrencies by Chinese citizens, while in 2017 there were a little over $10 billion.
Looking to reveal the main crypto scams from China and numerous countries from all over the world, the Peckshield report analyzed the main blockchain transactions and the public data from networks such as Bitcoin, Ethereum, EOS and TRON.
The research firm has revealed for instance one Ponzi scam that managed to attract around $4 billion until the perpetrators have been apprehended. They have also analyzed the infamous PlusToken scam from 2019 that attracted more than 200,000 BTC, 780,000 ETH and 26 million EOS from around 3 million people.
There have already been several reports indicating that Bitcoin’s Bull Run from 2019 has been closely connected to this scam since as soon as the team behind has been stopped Bitcoin market started falling back under the $10,000 price level.
These reports and studies are very important for the health of the crypto market as they help reducing the number of scams promoted by various online criminals. These endeavors have affected in a negative manner the blockchain space along the years and these studies have a major role in reducing their influences.

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