Plustoken Scam Sends Its Last Bitcoins (BTC) to Mixers. Will Top Exchanges Accept Them?

News
Thu, 06/25/2020 - 12:16
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Vladislav Sopov
Analysts from OXT Research, well-known for thorough crypto scam investigations, have revealed that the last of Plustoken's Bitcoins (BTC) have entered coinjoin services
Plustoken Scam Sends Its Last Bitcoins (BTC) to Mixers. Will Top Exchanges Accept Them?
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Plustoken is the most successful and infamous Ponzi scheme in the history of cryptocurrencies. It was active in China and South Korea and collapsed in 2019 with $3B of investor money stolen. Typically, the sell-offs of Plustoken assets result in huge pressure on the Bitcoin (BTC) price.

Next stop exchanges?

As revealed by OXT Research (aka @ErgoBTC), another huge portion of Bitcoins (BTC) that belong to Plustoken investors were moved to mixers. Suspicious transactions have been registered by the Whale Alert automated on-chain service.

Plustoken scam continues moving funds
Image via Twitter

The fraudsters have moved about 22,000 Bitcoins (BTC), or more than $202 mln. Plustoken uses coin-join services or Bitcoin (BTC) mixers to obfuscate the transaction history of their tokens. In turn, this obfuscation is required to avoid the KYC/AML checks of top cryptocurrency exchanges.

Often, the assets that were stolen from gullible investors are sold via over-the-counter desks (OTC), but cryptocurrency exchange platforms may also serve as instruments for massive sell-offs. 

OXT Research highlighted that the process of selling through exchanges resumed in May 2020. It looks like scammers feel that Bitcoin (BTC) and Ethereum (ETH) prices have recovered from Black Thursday and are interested in selling again:

Distributions to exchanges went on pause mid-march to early May. Since then exchange flows have averaged ~300 to 500 BTC/day. 

Does it still affect the price of Bitcoin (BTC)? 

The analytical community lacks a consensus on the actual role of Plustoken sell-offs in Bitcoin (BTC) price dynamics. Travis Kling, a top-notch investor, cryptocurrency fund manager and founder of Ikigai Asset Management, admits that since its collapse, Plustoken significantly affects crypto markets.

Travis Kling slams exchanges for accepting Plustoken coins
Image via Twitter

Also, he criticized Huobi and OKEx crypto exchanges for their ignorance of scam coin moves.

However, anonymous crypto trader and analyst PlanB, whose Twitter followers previously claimed that Plustoken activity was a major bearish market catalyst, suggests not overestimating this influence.

He outlines that the market situation is a much more powerful factor in Bitcoin (BTC) price upmoves ad downmoves than Plustoken.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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Contents

While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)