PlusToken is probably one of the largest scams in the history of the crypto industry. In total, the fraudulent project has taken in more than $3 billion in the form of Bitcoin, Ethereum and other currencies over its 2-year term and has ‘disappeared.’ Through the public blockchain of Bitcoin and Ethereum, investors’ funds can still be traced today.
Today, there was another strong movement in the Bitcoin Wallet of the PlusToken Scammers. An amount of approximately 11,999 BTC was transferred from one wallet to another. How does this affect the price of Bitcoin? Will the transferred BTCs soon be sold on the market?
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PlusToken mega scam and the captured BTC & ETH
PlusToken was an extremely sophisticated scam. Especially in China PlusToken was extremely well known and it also found popularity in Europe. In total, PlusToken is said to have captured over 200,000 Bitcoins. This not only has a current equivalent value of approximately $2 billion but also represents a total share of 1.1% of all existing BTCs. In addition, the “project” also holds ETH and some other cryptocurrencies.
It is currently strongly assumed that the downtrend from July 2019 onward was related to the sale of BTC and ETH from the PlusToken Scam. In terms of timing, this would also fit in very well. After all, PlusToken customers’ deposits were only frozen in June 2019. This is roughly the time when the Bitcoin price reached its high in 2019.
11,999 Bitcoin transferred with a value of $120 million
Now that the price of BTC price has reached a relative high of just under $10,000 again the Bitcoins of PlusToken are moving again. This is certainly, no coincidence, although the mentioned transaction of 11,999 BTC was not on a stock exchange wallet, but on a normal cold wallet. PlusToken is known for splitting the captured BTC and ETH into small transactions and selling them mainly through Huobi.
There are now several companies and individuals who keep track of the mega-scam and track every transaction. Like Dovey Wan, the co-founder of Primitive Crypto. She has been tracking the movements of the coins for some time now and has confirmed that the transaction listed is a shift of the captured funds.
PlusToken tries to ‘wash’ its Bitcoin
The PlusToken scammers have to struggle with the transparency of the blockchain. Exchanges can be informed in advance and thus stop the sale of the stolen coins at an early stage or not allow it at all. Therefore, the fraudsters try to come up with a lot of ideas to circumvent this control. These include Bitcoin Mixers or multiple transactions on new cold wallets.
Sadly the sales via Huobi has not led to any conclusions about the identities of the wire-pullers. Therefore, some assume that the well-known stock exchange is also under unable to identify the culprits.
No long-term risk for the Bitcoin price
There is no reason to panic. Although PlusToken still has some Bitcoin that they will try to sell in the market in the coming weeks and months, the number is still limited. So if the sales have an actual impact on the Bitcoin price, it will only be for a limited period of time. Even such dumps cannot reverse the long-term trend, especially not in the Bitcoin Halving year 2020, and many market participants are aware that PlusToken Scammers are currently selling on the exchanges.
We are therefore looking at the postponements of the BTC in a very relaxed manner. In addition, no shift to a stock exchange has currently been identified. Therefore, there is currently no danger of dumping on a stock exchange. We will continue to follow the story, inform you about Bitcoin Wallet movements from PlusToken.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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