Ponzi from PlusToken held responsible for falling bitcoin course

Ponzi from PlusToken held responsible for falling bitcoin course

It is suggested that the South Korean bitcoin scam PlusToken is responsible for the falling prices of bitcoin. On 25 June 2019, a large part of the operation was rolled up by the police. According to rumors and estimates, PlusToken collected a total of 10 million ether and 200,000 bitcoin. And they have been sold for a while through various exchanges such as Huobi and Okex.

Sales pressure is increasing

So what is the current status of the PlusToken coins?

Here is a work in progress table showing my rough totals.

My current totals are around 187,000 BTC.

This analysis is not complete yet, but roughly confirms the previous 200,000 BTC estimates. pic.twitter.com/jqiGIR3xLr

– ∴ Ergo ∴ (@ErgoBTC) November 21, 2019

Ergo is an analyst and is reviewing almost all PlusToken transactions to get the full picture. Trader Jacob Canfield, known from Tradingview, Forbes and CNBC, is also gloomy. He says that technical analysis on the cryptomarket makes no sense now that PlusToken are so publicly dumping their coins.

I have a significant bearish bias.

Technical analysis is much less reliable when a Ponzi scheme like PlusToken is just openly dumping on the market.

Trading In The Zone by Mark Douglas says something similar … “Anything can happen and every moment in the market is unique.” pic.twitter.com/WDLjmYzzCb

– Jacob Canfield (@JacobCanfield) December 4, 2019

What is PlusToken again?

The method of PlusToken was fairly simple, they gave their customers interest for storing cryptocurrency on their platform. They also promised to share in the profits they would get from exchanges and mining.

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A minimum of 800,000 people were kicked in here, because the beautiful promises turned out not to be fulfilled. CipherTrace published a report stating that PlusToken would have stolen $ 2.9 billion in cryptocurrency from investors.

And only based on the size of the scam, this seems to be larger than BitConnect.

The end is not yet in sight

The bitcoin rate reached the provisional high point of this year on 27 June. Later in the day it was announced that some members of the PlusToken team were arrested by the Chinese police. Despite the arrests, there were still people who continued to sell PlusToken’s bitcoins and ethers on various exchanges. The bitcoin course crashed within a few days after the police made the arrests.

It is of course never to be said with 100 percent certainty that the crash was due to PlusToken, but it is even suggested that the price increase from April to 27 June is also due to PlusToken promotions.

IMO PlusToken is the main force for both the bull and bear from April to YTD

What I can share publicly here

1. After CNY 2019 (Feb 5th) Plus token on-ramp spike up significantly in Mar and Apr

2. Its team were arrested Vanuatu time on 6/25 .. BTC crashed a day after https://t.co/WGvTLYmpgd

– Dovey 人服人 Wan ? ? (@DoveyWan) November 27, 2019

Earlier in this article we already mentioned Ergo. His research shows that the PlusToken bitcoins are first taken by mixers and then sent to the stock exchange for sale. And it involves large numbers! Ergo writes that 1,300 bitcoins from PlusToken are sold per day, which is more than 70% of the number of bitcoins mined per day.

Assuming all of the mixed coins (129,000 BTC) accounted for so far have been sold over a period from early August through today will give an average of around 1300 BTC sold per day.

– ∴ Ergo ∴ (@ErgoBTC) November 21, 2019

On November 21, he estimated that PlusToken still has to dump around 58,000 bitcoins and that the market will therefore be affected for another 2 months.

Going forward we can use the daily sell estimates and the ~ 58,000 BTC unmixed total to estimate the duration of the remaining selling at between 1.5 and 2 months.

– ∴ Ergo ∴ (@ErgoBTC) November 21, 2019

The entire story of PlusToken also smells of FUD from large parties and has a high alu hat content. It is difficult to estimate whether it is true and to what extent PlusToken is really capable of influencing the course. Therefore, do research yourself, where the work of Ergo is a good start.

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Follow BTC Nieuws to stay informed of the latest rumors and developments concerning PlusToken.

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