U.Today Franchise
F2Pool
0
📰 News
3554 views

Bitcoin Ponzi Scheme That Keeps Dumping BTC Blamed for Bearish Price Action

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    PlusToken could be the real reason why the BTC price continues to bleed

Bitcoin Ponzi Scheme That Keeps Dumping BTC Blamed for Bearish Price Action
Cover image via 123rf.com
Contents

South Korean Bitcoin scam PlusToken could be responsible for Bitcoin's bearish price action, according to market expert Jacob Canfield. 

Canfield states that technical analysis (TA) is not reliable when bad actors who operated one of the biggest Ponzi scams in history keep dumping BTC on the open market.      

 

PlusToken

👉MUST READ

Ripple and Ethereum Compared to Biotech Scam Theranos by Bitcoin Core Developer Peter Todd

Ripple and Ethereum Compared to Biotech Scam Theranos by Bitcoin Core Developer Peter Todd

The biggest crypto scam

The modus operandi of PlusToken was rather simple -- they offered their clients interest for storing coins on their platform. They promised to share part of their revenue that comes from exchange profit and mining. 

Of course, none of this was true. PlusToken allegedly stole around $2.9 bln in digital assets from its investors, according to a report published by blockchain sleuth CipherTrace.

Considering the scope of this scam, it could give BitConnect a run for its money.

👉MUST READ

Elon Musk Gets Embroiled in Crypto Scam That Offers Tesla Model S

Elon Musk Gets Embroiled in Crypto Scam That Offers Tesla Model S

More pain in sight  

While some of the members of the PlusToken team were apprehended by Chinese police back in June, there are still those who keep selling their BTC holdings. Notably, the Bitcoin price crashed just days after the police raid.  

The ominous scam is rumored to control about one percent of BTC's total circulating supply, which means that there will be more selling pressure. 

At press time, Bitcoin is changing hands at $7,142, CoinStats data shows. It is down two percent, which conveniently came after a new selling spree initiated by PlusToken fraudsters.  

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
CLOUD MININGPromoted
0
📰 News
156 views

$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Yuri Molchan
    📰 News

    The Whale Alert account reports that nearly 89,000 ETH was wired to Poloniex from a wallet that had remained inactive since April 2018

$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years
Cover image via u.today

On Friday, the Twitter account Whale Alert that tracks large movements of crypto on the blockchain, spotted nearly 89,000 ETH (that’s around $13 mln in Ethereum) sent to the Poloniex exchange.

The account points out that the wallet which sent the money had been inactive since April 1 last year. No one has used it for nearly two years, apparently, waiting for the crypto winter to be over and hoping for a price surge afterwards.

One of the possible reasons of this wallet becoming active again is the Ethereum hard fork Istanbul which is about to happen today, on December 7, at block 9069000.

Very often the price of an asset goes up after a major upgrade (the Istanbul hard fork will not cause an appearance of a separate coin as it was with Ethereum Classic).

👉MUST READ

Tuur Demeester Compares Ethereum's "Difficulty Bomb" Mechanism to Communism

Tuur Demeester Compares Ethereum's

Earlier, U.Today reported that the South Korean exchange Upbit suffered from a hacker's attack and lost around $50 mln in Ethereum. Whale Alert on Twitter has recently published data about $37 mln stolen from Upbit that was moved by the hacker from one wallet to another.

The head of Binance, CZ, has promised that all funds stolen from Upbit that would end up on Binance would be immediately frozen.

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
CLOUD MININGPromoted