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

Vishnu.Reang

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Quote from: iloveturtles on April 09, 2020, 06:46:15 AM

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.

TanakabZX

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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

isaac_clarke22

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Quote from: ansi on March 10, 2020, 10:35:14 AM

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.

mirakal

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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.

Estrange18

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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.

suryapro

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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

bgaf

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Quote from: iloveturtles on April 09, 2020, 06:46:15 AM

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.

iloveturtles

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

beetlejam

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Quote from: roganite on March 10, 2020, 09:11:23 AM

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.

btcholder

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Quote from: roganite on March 10, 2020, 09:11:23 AM

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..?

kindbtc

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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.

Ryutaro

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It's precious, protect it!

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.

disconnectme

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Quote from: ansi on March 10, 2020, 10:35:14 AM

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

ATSgrowth

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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.

Coyster

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Quote from: travwill on March 19, 2020, 01:33:03 PM

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.

Quote from: aioc on March 19, 2020, 07:47:31 PM

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.

istiak2277

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KUWA.ai

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.

Vishnu.Reang

sr. member

Activity: 1988

Merit: 453

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.

handy_hotdog

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Activity: 232

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Quote from: roganite on March 10, 2020, 09:11:23 AM

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

Samayuki

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Activity: 574

Merit: 24

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

aioc

hero member

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Quote from: qazgroup on March 19, 2020, 04:16:03 PM

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.

Topic: PLUS Token Scam Dumps Another 13,000 BTC - Another reason for the BTC drop? (Read 252 times)