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

News
Thu, 06/25/2020 - 12:16
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?
Cover image via stock.adobe.com
Contents

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.

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.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)