PlusToken scam: 13,000 Bitcoin (BTC) moved to mixer

  • Researcher have spotted a new movement of 13,000 Bitcoin (BTC) from PlusToken scam to a mixer.
  • The movements of the funds and their impact on the market has decreased since November 2019.

Researcher Ergo made a new report on the transactions related to the PlusToken scam. According to Ergo, about 13,000 Bitcoins (BTC) were moved in various deposits to a mixer in the last 24 hours. Although the move does not imply that BTCs will be dumped on the market, according to the scammers’ modus operandi, the odds are high.

As reported by CNF, the PlusToken scam was exposed in mid-2019, when users of the PlusToken wallet began to report problems accessing their funds. Shortly thereafter, the funds were blocked and moved to an unknown wallet. Some scammers were caught by the authorities, but a few have remained active. It is estimated that the fraudsters stole more than $3 billion or about 200,000 Bitcoin (BTC), 790,000 Ethereum (ETH) and 26 million EOS.

Impact on the price of Bitcoin

The latest move by the scammers was reported thanks to information given by Primitive Crypto founder Dovey Wan and Ergo research. The researcher was able to determine the identity of the scammers’ addresses and create a profile of their modus operandi. In addition, Ergo was able to determine that the scammers are using the Huobi and OkEx exchanges to move stolen funds. Ergo claimed:

They have been on/off selling since August. Recently at a much slower rate. We have tried to distinguish between sold/distributed. On the chain, we see distribution to exchange, but not the order books. That being said, the distributions are price sensitive. Pausing into price weakness. We lean towards distribution and selling being almost simultaneous.

As Ergo states, the distribution of stolen funds on the market has declined recently. However, Ergo claims that the sale of the funds has continued in some degree:

Why keep sending the other +60k coins for the next 5 months if you were not able to actively collect them?

Maybe there’s a scenario where this is some kind of honeypot. You send us the coins, and then we catch you when you move to the fiat? Cause I can’t imagine grifters keeping more than $1B parked at some exchanges.

In the crypto community, there are continuing concerns that the sale of these funds will negatively affect the performance of the BTC price. Analyst Jacob Canfield said in February that the injection of these funds into the market has been able to manipulate the prices of major cryptocurrencies. The aim, according to Canfield, is to create a false Fear of Missing Out (FOMO) effect to obtain greater profits.

It remains to be seen whether, as Ergo claims, there will be an increase in the sale of these funds that could add pressure on the BTC price. At the time of publication, the price of Bitcoin stood at $9,118 with a very slight gain of 0.33% over the last 24 hours.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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