Warning: Bitcoin from PlusToken Wallet on the Move Again

A Chinese multi-billion dollar scam known as PlusToken is moving their holdings of Bitcoin once again. In 2019, when the price of BTC dropped to $6000, analysts attributed the fall to the dumping of funds by the fraud.

The Bitcoin locked in the PlusToken wallet are on the move again, noted for another “whale” transfer. The Ponzi scheme famous in China, reportedly held up to 187,000 BTC.

A whale transaction was recognized as most probably belonging to the PlusToken scheme, signaling that there were still active members of the project. The move came just days after Bitcoin recovered above $10,000.

The transaction of 11,999 BTC is now worth more than $120 million. PlusToken has been known to move its coins in relatively smaller transactions, liquidating them through Huobi. The origin of the coins was confirmed by Dovey Wan, co-founder of Primitive Crypto. Wan has been tracking the scam for months, helping to bridge the gap between the Chinese crypto space and Twitter.

Whales, who have control of large amounts of bitcoin, criticized the recent upsurge of bitcoin from the $8,000s to $10,000, describing it as manipulated.

The scheme did not hold onto all the BTC it received, as some of the coins were used for early payouts. PlusToken easily ran its operations in the summer of 2019, when BTC prices reached close to $14,000 and helped the Ponzi scheme survive longer. The PlusToken pyramid was also counted as the biggest scam of 2019, hauling more than $2.9 billion from Chinese investors.

Related Posts