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

[beetlejam]

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/

One of the less reported items that damaged the price of Bitcoin, course the Caronavirus / oil price wars played a bigger part, but i feel this also played a role.

[iloveturtles]

I think this had a pretty big impact on the price, but by far the worst part was from the virus.

[bgaf]

I think this had a pretty big impact on the price, but by far the worst part was from the virus.

How can you be sure that it occurred a huge impact? From what Ive heard the most one that got impact during the one day crash is the controversial bitmex funds that rekt mostly of all traders due to liquidation. Thought this news is rather shocking that those huge btc coin falls on the hands of a ponzi project. I remember how bitconnect fools so many investors by acting as a legit project but proven to be a scumbag one. Tsk people never did learn about this kind of scams.

[suryapro]

this information is very useful for us. but if indeed this really happened, why is no action taken ??. I am very surprised why this very important thing can be overlooked, so it is hoped that users should be more careful about things like this

[Estrange18]

i think this is not so hard for Btc and market in general to hold such punches. But also as i know PlusToken has 1m+ ETH and when they start to dupm ETh this can affect market much more harder.

[mirakal]

If they'll dump and it will affect the market, we already saw that the market will recover.

Can you tell me how many bitcoin that was not dump yet? I think sooner or later, they'll be able to dump it all but don't worry, we have a good trading volume now, people can buy those dumps especially now that the market is quite stable on its recovery.

[isaac_clarke22]

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.

Meh, I think that's kind of a large amount actually although I won't fully count that incident to be the 100% reason of this bearish market we're currently having.
This ain't 2010's no more to say that 13k BTC is just a small amount.

@OP
I had read this news already before the day you posted and I think that we should be starting to see a bit of a recovery now, because it seems like many have already bought when the price was still like stabilizing around 5k that took a while to breach 6k.

[TanakabZX]

This won't affect market because many buyers are waiting on exchanges to grab that 13,000 btc, it's nothing to worry about, only coins that has no demands get rekt with such dumps

[Vishnu.Reang]

I think this had a pretty big impact on the price, but by far the worst part was from the virus.

According to some sources, a total of $4 billion worth of cryptocurrency was accumulated by the scammers from this scam. Most of it is Bitcoin, but there were significant amounts of Ethereum, Ripple and Tron as well. Every now and then, they dump around $100 million worth of crypto in the market, and that causes a crash in the exchange rates. And the sad part is that it is not going to end very soon.