PLUS Token Scam Dumps Another 13,000 BTC - Another reason for the BTC drop?

[roganite]

One less known source of the sell off is the PLUS token situation.

PLUS Token continues to dump its stolen Bitcoin (BTC) on the market. The move was correlated with the recent price drop which means the scam may have exacerbated Bitcoin’s losses yesterday. PLUS Token was among the largest scams in the cryptocurrency industry, and it continues to haunt the entire market. Repeatedly, the wallets linked to the scam have been dumping their holdings en masse and there’s still a lot left to be sold off.

On average, the PLUS token scam has been selling off 1,300 BTC daily. This weekend, however, some 13,000 BTC ($118M) was moved to be sold off. The owners of this scam wallet did the same thing when Bitcoin crossed $10,000 earlier this year.

I'm sure that the recent economic sitation has played a part, but this one has gone unnoticed to most people. If you want to read the full article, you can click on the link below.

https://beincrypto.com/plus-token-scam-dumps-another-13000-btc-118m-may-be-responsible-for-bitcoin-drop/

[ansi]

13000 BTC means nothing in the crypto market or even in the BTC market alone.
These kind of news whenever the market bleeds means nothing, they just try to find that " why the market is bearish ", they simply forget the fact that this is how market works, waves of ups & downs till eternity, old news, nothing new about this.

[20kevin20]

13000 BTC means nothing in the crypto market or even in the BTC market alone.
These kind of news whenever the market bleeds means nothing, they just try to find that " why the market is bearish ", they simply forget the fact that this is how market works, waves of ups & downs till eternity, old news, nothing new about this.

13k BTC actually means a shit ton of Bitcoins to sell and affects the markets very easily. But combine these 13k BTC sale with the current global situation (health, economy etc) and you'll get a very negative combo BTC has to fight.

And it's obvious people are looking for the reason of market selloffs. You have to be up to date with the news if you don't want to lose money as a speculator or investor.

[fortunecrypto]

One less known source of the sell off is the PLUS token situation.

PLUS Token continues to dump its stolen Bitcoin (BTC) on the market. The move was correlated with the recent price drop which means the scam may have exacerbated Bitcoin’s losses yesterday. PLUS Token was among the largest scams in the cryptocurrency industry, and it continues to haunt the entire market. Repeatedly, the wallets linked to the scam have been dumping their holdings en masse and there’s still a lot left to be sold off.

On average, the PLUS token scam has been selling off 1,300 BTC daily. This weekend, however, some 13,000 BTC ($118M) was moved to be sold off. The owners of this scam wallet did the same thing when Bitcoin crossed $10,000 earlier this year.

I'm sure that the recent economic sitation has played a part, but this one has gone unnoticed to most people. If you want to read the full article, you can click on the link below.

https://beincrypto.com/plus-token-scam-dumps-another-13000-btc-118m-may-be-responsible-for-bitcoin-drop/

They just wait for the right time and the right scenario, we all thought the Corona Virus has something to do with the dump, and I also thought that now it was exposed as the Plustoken, I hope the authorities and the exchanges can do something this, it can ruin their reputation if they let these scammers get away selling their coins.

[avikz]

Even if we consider this thing as the cause of dump in bitcoin price then what has caused the dumping of all other coins as well? Eth reached 288 few days ago and now it is back below 200 same goes for all major coins, i think this correction was necessary to move forward and also it was triggered by many other factors but halving and other events will hopefully be very positive for crypto market.

I don't know why you think the correlation is necessary to move forward but the OP makes sense! Everything moves based on a simple formula - demand supply! 13,000 BTC is a big amount and if such amount of bitcoins have flooded the market, the price is destined to go down! Simply because the supply has gone up as compared to the demand. Covid-19 has possibly affected local industries but how can it affect bitcoin market because it is not bound by any geography and Covid-19 has not yet become a global epidemic. The current market crash we are seeing, is possibly due to the huge number of selling pressure from plus token scammers!

[cryptowomba]

I think it is one of the things that went missing as most people were focusing on the economic damage from the oil price wars and the caronavirus.

Like the image as well on the article, will read more articles from BeInCrypto.

[travwill]

An interesting point. I am sure scammers will select the most suitable moments on the global stage to try to launder or cash out their bitcoins with them.
They need to hide behind some kind of noisy event so that they would be diverted from observation.

[qazgroup]

Well even if this was one reason of the market crash be happy now because market has eaten up this heavy selling although the major selling came from corona virus panic selling which has also been controlled 100% in its originating country China as no new case has been reported today so yes things are getting back to normal and things are starting to look great for crypto market now.

[bitkanu]

I think it is one of the things that went missing as most people were focusing on the economic damage from the oil price wars and the caronavirus.

Like the image as well on the article, will read more articles from BeInCrypto.

If you are watching that activity that has already made by plustoken wallet and it was also contributing a lot to the big dump that happened last week. I can say we are not yet free from the plustoken.
With so many businessmen were taking their money from the developing country move to the developed country and that makes the stock market is not yet feeling panic again.

[aioc]

Well even if this was one reason of the market crash be happy now because market has eaten up this heavy selling although the major selling came from corona virus panic selling which has also been controlled 100% in its originating country China as no new case has been reported today so yes things are getting back to normal and things are starting to look great for crypto market now.

So the far the market is getting better, from $5000 to $5000 it finally breach the $6k level maybe because of the news that there is already a vaccine for the Corona Virus and so investors although reluctant are now buying slowly, investors still think of the profit when things get better and the market will soon get better.

[Samayuki]

Many are aware of the dump from plus token and I think that's over by now, no more further dumps and Bitcoin is already on its way up, even Coronavirus is not that affecting crypto anymore, though will be more better if it's gone

[handy_hotdog]

One less known source of the sell off is the PLUS token situation.

PLUS Token continues to dump its stolen Bitcoin (BTC) on the market. The move was correlated with the recent price drop which means the scam may have exacerbated Bitcoin’s losses yesterday. PLUS Token was among the largest scams in the cryptocurrency industry, and it continues to haunt the entire market. Repeatedly, the wallets linked to the scam have been dumping their holdings en masse and there’s still a lot left to be sold off.

On average, the PLUS token scam has been selling off 1,300 BTC daily. This weekend, however, some 13,000 BTC ($118M) was moved to be sold off. The owners of this scam wallet did the same thing when Bitcoin crossed $10,000 earlier this year.

I'm sure that the recent economic sitation has played a part, but this one has gone unnoticed to most people. If you want to read the full article, you can click on the link below.

https://beincrypto.com/plus-token-scam-dumps-another-13000-btc-118m-may-be-responsible-for-bitcoin-drop/

I think this is a reason that was overlooked by a lot of people in regards to the market crash, course the Caronavirus and oil price wars played a bigger part, but it just added to the perfect storm.

I also really like the news outlet the article is written by, I highly recommend their trading telegram channel as it gives free trading advice and it's a nice little community. If anyone is interested, the link to the channel is below.

https://t.me/BeInCryptoCommunity

[Vishnu.Reang]

Even if they dump BTC13,000 in one go, how it is going to impact the market? Bitcoin is having a market capitalization of over $120 billion and according to coinmarketcap, the daily turnover is over $50 billion. These 13K coins represent just $10 million, which is around 1/500th of the daily volume. So please educate me how this minute amount can have such a big impact on the Bitcoin exchange rates.

[istiak2277]

How many BTC those scammers still have. It was really a disaster. How a project manager to gather that much fund and scam all the people and no one even notices or inform people about their activity. People are so dumb or they were very clever. I think people are very greedy and they pay for their greed by losing so much in a single project.

[Coyster]

An interesting point. I am sure scammers will select the most suitable moments on the global stage to try to launder or cash out their bitcoins with them.

They are not only trying to cash out their stolen bitcoins, they are also coming up with new ways to scam people based on this current near world wide issue/epidemic, yesterday I saw a post where scammers were requesting a deposit from people to help them follow up with the corona virus and to give them updates(fake)on it, so everyone should be careful.

So the far the market is getting better

And better, it's close to 7k, good signs for investors, I don't know if it's in relation to anything or any news about the corona virus but it's encouraging and the signs are looking good, let's see were we'll be in the next days.

[ATSgrowth]

Have they already sold all of stolen Bitcoins? May the bull run come? Because there are 2 bad factors that negatively affect the price: upcoming global economy crysis and this selling pressure by PLUS Token team.

[disconnectme]

13000 BTC means nothing in the crypto market or even in the BTC market alone.
These kind of news whenever the market bleeds means nothing, they just try to find that " why the market is bearish ", they simply forget the fact that this is how market works, waves of ups & downs till eternity, old news, nothing new about this.

You must be joking, 13000BTC means a lot, how many of the exchanges out there is liquid enough to 13000BTC sell other. The most concerning thing for me is how gullible are people that they fall so dip into this hole and the scammer was able to scam people this amount of money, people need to understand there is no free money anywhere

[Ryutaro]

it's hard to judge if it had a significant impact on BTC price or not, but let's not forget that Plus token was one of the biggest Ponzi schemes ever done in crypto. Some report says that the total sum collected was about %1 of BTC total supply, but succeeding in stealing all this fund, it is really depressing to see such activity and the worst part is that people are still falling for fake ICO and shitcoins bounty KYC scammers.

Just did a quick research and good news, it seems that 6 of the suspects involved with PLUS token were detained and extradited back to China to face trial as this article points out.

[kindbtc]

I think dumping from a ponzi scam should not have effected the market because thousands of bitcoins are traded daily and volume is in billions so i donot think that market crashed because of this rather it dumped due to panic situation created by corona virus that was announced as a pandemic by WHO.

[btcholder]

<snip>

Bitcoin down very deep this time so according to this 13K btc is really nothing in that case. But it's still sad that scammers finding their way every time and new investors are not coming to invest on crypto industry for that. By the way didn't find out this coin you are talking about. Is that PLUS or PLUS1..?