Saturday , August 13 2022

Bitcoin price drop may be linked to pyramidal sales in China


Analysts indicate that large quantities are being marketed by PLUS Token through various exchanges they generated fear in the consumers and investors who chose to sell theirs bitcoins to mitigate potential losses.


Analysts and some experts say one of the factors behind the recent decline in the price of Bitcoin This is related to a pony (pyramid) scheme that offers about $ 3,000 million in sales BTC.

According to information published by various news agencies, called the large-scale ponzi scheme of Chinese origin PLUS Token, obviously put large quantities of Bitcoin through several exchanges, distributing between 50 and 100 in each operation BTC.

Reports show this PLUS Token This is the biggest donut scam in all of China, which has managed to capture over 70,000 BTC and ETH 800,000 so far from the millions of investors who went into this pyramid scheme, making the respective cryptocurrency investment in the expectation of profitable profits.

Experience against the market

Dovey Wan, Director of Primitive Enterprises, made the alarm through his account Twitter, shows that the sales received after the operations carried out by the PLUS Token in profits of over $ 3,000 million.

Wang compared the numbers to the downturn in the digital currency and identified a specific link that greatly affected the ecosystem Bitcoin, as sales generated fear and uncertainty among investors seeking to make a profit by exchanging cryptocurrency to mitigate potential losses.

Audit firm Peckshield followed up on this complaint and established that the operators of PLUS Token they started to sell themselves BTC since July, sending approximately 1,000 bitcoins to Bittrex and Huobi. Researchers have also found that the company is marketing small quantities of Bitcoin among other lesser-known exchanges, which makes it difficult to monitor operations.

Other reports warrant this PLUS Token also sent about 100 BTC for Binance in a set of operations in which he deposits small sums in order not to arouse suspicion.

Provision of information to the authorities

Both Wang and the researchers at Peckshield we recommend that interested parties continue their activities related to PLUS Token, as this information may be useful for local authorities investigating fraud allegations continued by the company.

PLUS Token It started operating in 2018, provided it offers consumers a high profit margin because of the cryptocurrency investment. The offer was very attractive to many people, but in order to generate higher profits, participants had to attract new customers who also made their cryptocurrency investment.

Authorities are currently after the search for major operators. Studies appreciate this PLUS Token It has more than 10 million users participating in the pyramid scheme.

source: CryptoGlobe / giggle

Angel di Matteo version / Bitcoin daily

Image of Pixabay

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