The crypto market has gone through many frauds, including what has remained in the mind of its severity and its large size, among these prominent frauds in recent times we find PlusToken.

Before going to the heart of the topic, we first turn to the price of Bitcoin, which recently recovered and rose above the level of 9000 US dollars, to return quickly to the level of 8700 dollars at the time of writing this article.

According to the blockchain research firm,Subsequently“The downfall is because 13,000 bitcoins belonging to the PlusToken scam have been moved to a mixer (a shuffling service to make it hard to track) with a large supply of bitcoin for sale.

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It is possible that the process is related to the collapse in the price of Bitcoin.

As a reminder, the PlusToken process has cost investors approximately $3 billion, most of them from East Asia, specifically from China.

According to the same research by the company “Ergo”, the latest mixing process is not equivalent to the one that took place last September and November.

About 13,000 deposits in the new PlusToken mixer in the last 24 hours.

Almost all of the previous mixer sediment changes were introduced into the mixing, confirming my theory.

Distributions are still running / parked. Much slower than September and November.

New report and full site representative imminent. pic.twitter.com/vwrBuVk272

– Ergo ∴TxIDs or not (ErgoBTC) March 6, 2020

According to the same source, sales related to the scam project became very difficult to monitor from many observers and law enforcement, in addition to the addresses of these suspicious funds became banned from cryptocurrency exchanges.

But with the help of the transaction mixer and decentralized platforms, the traces of stolen Bitcoin and Ethereum can be erased and washed further.

Read:Large Chinese Bank Adds Option to Sell Digital Bonds for Bitcoin

Impact on Bitcoin Price:

The company “Ergo” said that it is possible that the recent transfers of the massive amount of bitcoin contributed to the impact on the price of bitcoin, and those behind these huge wallets of bitcoin and ethereum could be waiting for bitcoin to reach prices that allow them to sell at higher prices than before.

If we calculate about the price of 13,000 bitcoins at a value of $9,100 per bitcoin, we find that the price reaches $118 million.

If the sale is made for this huge amount, there will certainly be a clear impact on the price of Bitcoin.

And another scenario is possible that a group of Bitcoin whales took advantage of this situation and spread it to reach small traders and thus spread panic and fear and thus take advantage of short deals using leverage and gain from the decline.

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Jacob Canfield, a technical analyst, commented on the recent massive Bitcoin move:

Thank you Ergo for your hard work on tracking this theft.

PlusToken seems to be still controlling a lot of Bitcoin, it’s time to be careful.

In addition to Jacob Canfield’s advice on being careful about the price of Bitcoin, we also recommend and remind that the cryptocurrency market is a very volatile market and it is possible to lose significantly, so do not enter large sums in one transaction and do not enter with money that you are not ready to lose. .

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What are the details of the fraudulent Ponzi scheme known as the PlusToken project?

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