Plus Token sells 200,000 stolen bitcoin, presumably exit scam

Plus Token sells 200,000 stolen bitcoin, presumably exit scam

On August 14, venture capitalist Dovey Wan tweeted that the recent price drop in bitcoin was due to PLUS Token. This Chinese-based company is accused of having set up a Ponzi construction, and has recently dumped 200,000 bitcoin on the market. As a result, a significant fall in the bitcoin rate.

The Big Scam

The price of bitcoin has received several blows in the last four days. The value has even dropped below ten thousand dollars a few times. These price fluctuations are quite common in the cryptocurrency market. That is not surprising, bitcoin is the oldest cryptocurrency and even it has been around for ten years. There are also hardly any regulations. This makes it possible for so-called whales to manipulate the market for self-enrichment. A whale is someone or a party who buys or sells large amounts of crypto.

The rumors are that the most recent fall in prices has nothing to do with market manipulation.

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According to a theory by venture capitalist Dovey Wan, founder of Primitive Crypto, the recent fall in prices was due to the dumping of a large amount of bitcoin by PLUS Token.


ash per sir @loomdart ‘S request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~ 70K $ BTC + ~ 800K $ ETH

I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells

– Dovey Wan ? ? (@DoveyWan) August 14, 2019

What is PLUS Token?

PLUS Token was a mobile online wallet, available on both iOS and Android. The difference with other wallets is that if you store bitcoin in the PLUS Token wallet, you get some sort of interest. The wallet uses your coins to do arbitrage trading, which would give you between ten and eighteen percent profit per month. With arbitration is meant that use is made of the different rates of different stock exchanges. By acting quickly it can be profitable to buy on one stock market and to sell on the other stock at a more favorable rate.

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For statements such as guaranteed profit, bubbles should ring immediately. Unfortunately, people were caught, probably because of the quick and easy profit.

According to Dovey Wan, PLUS Token has captured 200,000 bitcoin and 800,000 ether in this way. That is now worth about three billion dollars. With her tweet she tries to inform exchanges about this. Since July, PLUS Token has been trying to sell their coins through popular exchanges such as Huobi, Binance and Bittrex.

PLUS Token sends their cryptocurrency from the following addresses:


How reliable is this news?

Dovey Wan bases its findings on a relatively small article from the South China Morning Post. Chinese authorities and none of the aforementioned scholarships confirm its news. And that is special, this could just be one of the largest exit scams in the history of cryptocurrency.

According to Wan, this is due to the limited knowledge that the Western world has about PLUS Token. The legal status of cryptocurrency in China also plays a role.

Reasons why exchanges are not patting attention to the 200K $ BTC scam PlusToken

1. It’s not known outside maybe (maybe ??)
2. Chinese exchanges did not do anything as it is “closed” by police
3. Chinese police did not work with exchanges as crypto exchanges are not legal in ??


– Dovey Wan ? ? (@DoveyWan) August 14, 2019

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