The infamous PlusToken Ponzi scheme run by Chinese suspects has again moved its bitcoin holdings. This time, the scammers have moved 12,000 bitcoins – valued at around $117 million – to new addresses. Last year, crypto observers claimed that this particular Ponzi Scheme was responsible for bitcoin’s gloomy performance from July as the scammers continuously dumped on exchanges.
The recent transactions by PlusToken come as BTC struggles to move back above $10k. Is a fresh bloodbath on the horizon?
PlusToken Moves 12,000 BTC To New Wallet Addresses
The PlusToken scam was one of the largest frauds of 2019 which swindled billions of dollars from unknowing investors. Six suspects associated with this scam were put behind bars last year leading many to believe the nightmare was finally over.
However, WhaleAlert recently noted that PlusToken moved 11,999 bitcoins estimated to be worth $117.3 million. This shows that the scheme is alive and well and some of the culprits are still on the loose.
11,999 #BTC (117,393,202 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) February 11, 2020
The funds have, however, been moved again to a new address (19bMszbozeHyjANgSyM9iyjsZU1sKsR6uM) as the scammers attempt to cover their tracks. This has clearly not worked out well because experts have been able to identify the BTC movements. Some analysts like the co-founder of Primitive Crypto, Dovey Wan, are closely monitoring the transactions associated with the PlusToken in a bid to understand how this scam is operating this year.
Do Recent Transactions Mean Bitcoin Price In For A Steeper Pullback?
In 2019, Wan noted that the PlusToken operations had a notable impact on the price of the top crypto. She explained that this scam was responsible for the BTC sell-off seen thereof. Therefore, a possible dump of $117 million worth of bitcoin on exchanges could largely affect its price.
However, the Research VP of security audit firm PeckShield, Chiachih Wu, observed that PlusToken apparently moved the 12,000 BTC to cold wallets for storage.
20k+ #BTC movements from #PLUSTOKEN related addresses to new addresses which looks like cold wallets pic.twitter.com/4t7C07QkXv
— Chiachih Wu (@chiachih_wu) February 11, 2020
Last year, PlusToken was moving coins in high volumes and likely contributed to the sub-$7,000 BTC price massacre. Lately, however, the scheme has opted to move the stolen funds into smaller transactions. But if it goes back to its 2019 trend, bitcoin could experience significant selling pressure.
Meanwhile, bitcoin is trading at $10,252.03, marking a 4.09% increase in the last 24 hours.
The post PlusToken Scheme Moves 12,000 Bitcoins To New Wallets; Another Violent Pullback Next? appeared first on ZyCrypto.
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