PlusToken Scammers Could be the Reason for Recent BTC Price Crash

News / 09.03.2020

On Sunday, BTC saw its worst daily loss since September 2019, declining from $8,900 to $8,000, almost a 10% decline. The decline has continued today, currently trading at $7,705according to CoinMarketcap

Although the price drop was parallel to a lousy day in trading traditional stock, analysts claim that there could be more factors driving the BTC crash. 

For instance, a trader named Kevin Svenson on Twitter claimed that this sudden crash could not be attributed to sell-offs since the market is currently affected by one whale. He noted that the problem could be the PlusToken Scammers’ market dump, highlighting that these scammers always suppress any BTC bullish. 

Just one day before the soon noted crash, scammers hosting the remaining PlusToken Ponzi Scheme wallets moved 13 thousand BTC ($120 million) to mixers. The bad actors most probably had the intention of causing the price dumps, and that’s why they offloaded their holdings. 

Mixers‘ role in Crypto transactions is keeping the transaction source anonymous by outputting different coins from the ones deposited. 

PlusToken has been in similar accusations in the past. For instance, in 2019’s second half, Chainalysis linked all major BTC dumps to the $3 billion Plus token scam. scam 

Additionally, Chainalysis highlighted that PlusToken remained with around 20k more BTC to dump. Therefore, until all these holdings go, it’s possible that great dumps will happen in the future.

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.