PlusToken was one of the largest crypto scams ever and may be helping to push Bitcoin lower currently
Rewind back to March of this year and the PlusToken scam was in full swing.
It was promising investors that if they just purchased bitcoin or ether and transferred that to the PlusToken wallet, they could earn 8-10% interest on their holdings monthly.
Sounds, too good to be true, right?
It was.
Though that didn't stop the scam from taking off in China raising something like $2.9 billion and likely contributing to bitcoin's rise in price around the same time:
The scam that popped the bitcoin mini bubble?
Interestingly, and likely not coincidental at all, the scam was eventually discovered and shut down literally on the same day that bitcoin peaked in June of this year.
Coincidence?
I think not!
The suspected suspects can be seen here:
(Source: ~~~ embed:1150395100133859329) twitter metadata:RExUX1ZhbnVhdHV8fGh0dHBzOi8vdHdpdHRlci5jb20vRExUX1ZhbnVhdHUvc3RhdHVzLzExNTAzOTUxMDAxMzM4NTkzMjkpfA== ~~~
The price has mostly been in decline ever since that time.
Still causing bitcoin to slide?
New research by Chainalysis Inc is showing that the proceeds from that fraud, roughly $2.9 billion likely have been responsible or contributing to bitcoin's declines over the past 6 months.
Their research indicates at least 25,000 bitcoin have been sold so far from that scam, and possibly another 20,000 could still be sold.
There have also been significant amounts of ether sold and still remaining to possibly be sold.
From Chainalysis:
“That’s certainly something to consider when you are thinking about where the price is going, at least in the short term. It could be, according to our research, continued downward pressure.”
Very likely contributing to the decline...
Well, there you have it, if you have been wondering why bitcoin has been acting so weak over the past 6 months, it very likely could be due to this.
The good news is that we have likely worked our way through the majority of the selling and the lower the price goes the less money will have to come in to absorb it all.
Either way, I still say new highs on bitcoin by middle of next year.
Stay informed my friends.
Image Source:
-Doc
Hopefully it does it. Crosses fingers
Posted using Partiko Android
Yes, hopefully.
Scam projects are the one thing that slow down real adoption of cryptocurrencies as daily payment method. People stopped using FIAT because banks could not pay interest anymore and at the same time fees increased exponentially.
Crypto Exchange That Could Surprise! Nominex introduced a unique referral.
Its MOST trump card is the referral program. The fact is that in Nominex there are no restrictions on referral levels and you can build an affiliate structure for an infinite number of levels deep.
That is, you invite a new user, then he invites a new user, then he invites another and so on. All these users become your referrals, and then from each you will make a profit. This is the FIRST of its kind crypto exchange, with a binary affiliate program that will allow you to earn from millions of users registered after you.
And I recommend everyone to register on the exchange right now! while the exchange is fresh and has just started, the developers make a very cool feature. The system automatically distributes all registered users to the global referral structure. Simply put, you will just get referrals for yourself.
Register by my link and my referrals will be included in your team.
The faster you sign up, the more referrals you will receive.
Registration on the exchange https://nominex.io/?r=2501
What is this?