Crypto Scams

Chinese Scan PlusToken Deposited $123M Worth BTC in 24 Hours  


Chinese PlusToken scam from the last 24 hours has deposited 13,000 Bitcoin to the mixer, reports from the blockchain research company Ergo. The mixer deposits in BTC don’t essentially mean sell-off in an immediate future but raises the possibility of this.  The bitcoin mixer is one highly-rated tool for scammers. But, they will not get erased, since traces of 13,000 Bitcoin were detected in this PlusToken scam.

Researchers at Ergo firm said:
“13k Bitcoin in the new PlusToken deposits in 24 hrs. All mixer deposit change till now has entered this mixing, as per my theory. And distributions are still on and off and slower than September & November.”

No matter whether a BTC sell-off by the fraud over the past some months has brought to this market stays questionable.

Boxmining Tweeted:

Will there be any effect on the cost?

If 13,000 Bitcoin are sold or done so with time, it isn’t likely to have an immense impact on this short-term cost trend of BTC. However, if its market sold in huge amounts, there’s the possibility this leads to a cascade of the liquidations over margin trading networks.

Jacob Canfield, who is the skilled trader and technical analyst confirmed that caution has to be taken with due diligence.

As per Ergo reports, operators of this scam are selling Bitcoin since August 2019, for over six months constantly. Even the sale rate has reduced of late, coinciding with an increase of this cryptocurrency market.

The most challenging feature of tracking the mixed deposits to trade is tracing down the combined funds on the exchanges with proper order books. To understand it in simple terms, it’s simple to find any trails of the money sent from the mixer to exchange, and tough to prove that the mixed funds can be sold on an exchange.

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