Will ETH dump even more due to PlusToken?

[cheezcarls]

A huge number of ether (ETH) tokens have just moved from a wallet associated with the PlusToken Ponzi scheme. More than $105,099,000 worth of the native crypto asset of the Ethereum network moved between the wallet and an unknown one earlier today.

The Twitter account Whale Alert (@whale_alert) highlighted the huge transfer this morning. The total number of Ether moved was a massive 789,525 ETH.

Source link here

This is something that we feared the most, unless you are a buyer waiting for your buy order to be filled.

Whale Alert keeps monitoring the wallet that are being used by PlusToken, and it's now being moved to an unknown wallet.

I remember that time when I was in Singapore, one weird looking guy approached me and introduced me to PlusToken. As what I have seen in their compensation plan, I immediately moved away and said "No, I'll pass!". Ponzis are not for me.

I just feel sorry for those who are being victimized by PlusToken.

[iamaruf]

Maybe this is the reason. But they moved to unknown wallet,is that address from an exchanger or personal? If they sold all eth then this is the main reason. Another reason can be btc dumped.last 7days btc dumped,it can be a reason for dumping eth.Sorry for plustoken investors.               

[xZork]

Until now, the price of ETH has been growing quite well, but if that amount of ETH is released on the market, the price of ETH will probably drop sharply. Perhaps people should be cautious before deciding to buy eth around this time.

[Vishnu.Reang]

I am not sure about this. According to the media reports, the dump by the scammers started a few weeks back. But when I check the charts, I can see that Bitcoin is up by around 6%. Some of the other cryptocurrencies have also gained value. From what we know, the Plus Token scam involved the following amounts:

180,000 BTC
6,400,000 ETH
111,000 USDT
53 OMG

This is a partial/incomplete list, but you can see that BTC is among the stolen funds. So I am really surprised with the Bitcoin rally today.

[alyssa85]

Until now, the price of ETH has been growing quite well, but if that amount of ETH is released on the market, the price of ETH will probably drop sharply. Perhaps people should be cautious before deciding to buy eth around this time.

Surely the owners of those coins won't want to dump all the coins at once and tank the price? What incentive do they have to cash out at the moment (and draw attention to themselves)?

[DaMut]

Maybe this is the reason. But they moved to unknown wallet,is that address from an exchanger or personal? If they sold all eth then this is the main reason. Another reason can be btc dumped.last 7days btc dumped,it can be a reason for dumping eth.Sorry for plustoken investors.               

this could not be the only reason for the drop, there are many factors determining the price(it might be used to spread the fud to pressure bitcoin). there is no way they will be able to sell it at once because their address is tracked.

[tinyteapot]

There could be some other fundamental reasons for the price drop but the dump from the ponzi scheme can not be over sighted
https://cointelegraph.com/news/is-plustoken-scam-about-to-dump-eth-105m-moves-to-unknown-wallet
https://thenextweb.com/hardfork/2019/12/17/bitcoin-cryptocurrency-price-dump-ponzi-scheme-plustoken/

[avikz]

Maybe this is the reason. But they moved to unknown wallet,is that address from an exchanger or personal? If they sold all eth then this is the main reason. Another reason can be btc dumped.last 7days btc dumped,it can be a reason for dumping eth.Sorry for plustoken investors.               

this could not be the only reason for the drop, there are many factors determining the price(it might be used to spread the fud to pressure bitcoin). there is no way they will be able to sell it at once because their address is tracked.

Definitely it is not the only reason why ETH price is dropping. Rather it is probably the most prominent reason among others which is bringing the price down. I am not saying this! Chainanalysis has recently published an article on the same and you may read it below,

https://blog.chainalysis.com/reports/plustoken-scam-bitcoin-price

China police has arrested 6 people till date but many are still outside the reach of the law who were associated with plustoken!  With a whooping $2 billion they have stripped from the common people, it is very much possible to manipulate and bring down the price!

[CjMapope]

A huge number of ether (ETH) tokens have just moved from a wallet associated with the PlusToken Ponzi scheme. More than $105,099,000 worth of the native crypto asset of the Ethereum network moved between the wallet and an unknown one earlier today.

The Twitter account Whale Alert (@whale_alert) highlighted the huge transfer this morning. The total number of Ether moved was a massive 789,525 ETH.

Source link here

This is something that we feared the most, unless you are a buyer waiting for your buy order to be filled.

Whale Alert keeps monitoring the wallet that are being used by PlusToken, and it's now being moved to an unknown wallet.

I remember that time when I was in Singapore, one weird looking guy approached me and introduced me to PlusToken. As what I have seen in their compensation plan, I immediately moved away and said "No, I'll pass!". Ponzis are not for me.

I just feel sorry for those who are being victimized by PlusToken.

when will people learn?   i know some people would say if you get scammed you deserve it in crypto, but it hurts us all really as it hurts mass adoption
this isnt the first ICO to have the power tho, EOS had way more ETH, and have been laughing at people buying their bags ever since
crypto is such a shitshow now, i cant recommend anyone to invest in anything, even BTC anymore   too scammy and manipulated now crypto is  : /

[totoy4741]

I don't think it will affect much to the current ethereum market price or even in the future. How many times we have seen such scenarios or even worst than that but ethereum was able to stay strong keep giving us what it is expected to give. With the ethereum welcoming the Istambul, I would say that Ethereum value would still increase its value.

[kindbtc]

So definitely this transfer kinds of confirms that plus token will soon be scam as it has transferred millions of the investors eth to their private wallet which they can sell anytime and investors will have to be deprived of their precious eth and this again teaches us that we should always stay away from such ponzi schemes.

[tsaroz]

Plus token is busted already and it would not create any much difference to the prices. Thought the demand could have increased further and so the price if the ponzi had run for more time, there's no reason for the prices to drop as well. We could see the general trend of price change alongside other crypto but the real price of Ethereum would be decided by the success of it's new update.

[Kupid002]

I don't think it will affect much to the current ethereum market price or even in the future. How many times we have seen such scenarios or even worst than that but ethereum was able to stay strong keep giving us what it is expected to give. With the ethereum welcoming the Istambul, I would say that Ethereum value would still increase its value.

The amount is so large that it can affect the market if they sell it. The question here where they want to convert those eth , if they want to only transfer ETH  to other wallet then there will be no price  differense even how large are you storing as long as no one sell it , nothing to be affraid about the price.

[FairUser]

Maybe this is the reason. But they moved to unknown wallet,is that address from an exchanger or personal? If they sold all eth then this is the main reason. Another reason can be btc dumped.last 7days btc dumped,it can be a reason for dumping eth.Sorry for plustoken investors.               

this could not be the only reason for the drop, there are many factors determining the price(it might be used to spread the fud to pressure bitcoin). there is no way they will be able to sell it at once because their address is tracked.

Until now, the ETH has not been moved to exchanges yet, so the recent declines have nothing to do with this news. But be careful because this ETH has been moved and it will probably be sold in the next few weeks, and if it happens then I believe ETH will go down to 80$ again.

[xZork]

Until now, the price of ETH has been growing quite well, but if that amount of ETH is released on the market, the price of ETH will probably drop sharply. Perhaps people should be cautious before deciding to buy eth around this time.

Surely the owners of those coins won't want to dump all the coins at once and tank the price? What incentive do they have to cash out at the moment (and draw attention to themselves)?

If they dumped at the same time ETH will be in big trouble
Ever since the ICO went through the heyday of the ETH coin has been subject to criticism from the community, people don't seem too keen on it. If the continuous pour of ETH takes place I think that ETH will face a big discount.
ETH coins need to upgrade technology and limit junk ICOs if they want to attract trust from investors.

[knuckey]

I just heard the name plustoken and immediately looked for references about plustoken in, surprised when several articles or news that stated that plustoken was ponzi. Some news said that plustoken is the cause of the market fall or dumping that occurred in the last few days. Quite reasonable, because the scammers already have so many assets from his ponzi business. sad and this reminds me of the bitconnect incident.

[Oneandpure]

What is plusToken project investment, I don't hear this scheme and ponzi project because is not have effect for bitcoin have lower price or not, during bitcoin keep lower price I think ethereum always have lower price and waiting for when bitcoin back with higher price for getting ethereum have higher price,

[ReiMomo]

I dont think that has an effect on Ethereum because Ethereum price was swinging through the Bitcoin movement. Just like what happened recently, it was tied up by the price of the Bitcoin movement. But I hope everything will be fine even there is a huge transaction of ethereum this morning. There are a lot of scammed projects related to ERC20 and that was base on ethereum, but so far I did not see so far the market price that ethereum drop while Bitcoin pump. They are the same movement.

[Yudhisthir]

There's no fault of the coin or blockchain if people are naive enough to jump into a ponzi. I too think the ponzi was just creating a increased number of transaction but had no significant effect on the price of Ethereum. It was not as popular in other parts of world and it got stopped before they ran away with most of those coins.

[kaneki007]

I feel very sad that many people are affected by scams because of the PlusToken Ponzi scheme, i already know that it is Ponzi and i don't want to join the Ponzi scheme. And now a lot of news content are crypto dump prices because plustoken sells BTC, ETH and USDT