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?
Born2Invest is a mobile application for crypto enthusiasts and finance news. Our mobile application is a platform for the next generation of investors. We explore how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
BB Biotech: Positive development in a volatile market environment
The total shareholder return in 2020 was 19.3% in CHF and 18.1% in EUR, slightly below the performance of the...
Bitcoin slips back to $53,000 and major altcoins go lower on February 22nd
The fall seen in the price of Bitcoin on February 22 was also strongly felt among exponents such as Ethereum...
The keys to ESG investment in 2021 in the face of growing interest and profitability
While all the data point to the fact that investment under climate, social and corporate governance criteria is increasingly in...
New investments in the Fez-Meknes Region
As part of the industrial revival strategy, the Fez-Meknes Region should welcome 95 potential projects identified in the project bank....
Rebound in pharma and healthcare operations: 14% increase in 2020
The volume of mergers and acquisitions in the pharmaceutical and healthcare sector increased by 25% compared to the first half...
Featured7 days ago
Banca Progetto prepares to launch instant lending for consumer credit
Cannabis5 days ago
The ANMAT will allow the importation of cannabis-based products in Argentina
Featured6 days ago
Repsol hires Linklaters and Uría to list its renewable energy subsidiary
Crypto5 days ago
How LODEpay’s Price Oracle is Tackling Silver Spot Price Manipulation