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PlusToken scam moves its last Bitcoins: Will it affect BTC price?

PlusToken Scam

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TL;DR

PlusToken scam has moved another batch of stolen Bitcoins from the hack address. However, a report suggests that it might be the last batch of bitcoins from the hack.

PlusToken scam is one of the largest cryptocurrency Ponzi schemes to ever take place. The project was active in the region of China and South Korea and collected more than two billion dollars from unsuspecting investors.

PlusToken scam on the move again

PlusToken scam collected a humongous amount of stolen cryptocurrencies and has been selling them since the project was shut down. Most recently, the hack was reported moving enormous amounts of Ethereum to other wallets.

OXT Research’s Twitter handle, ErgoBTC stated that another batch of bitcoins was moved by the hack. ErgoBTC stated that they tracked about all remaining unmixed coins entering the hack’s Bitcoin mixer.

Hackers have moved around 22,000 BTC, a sum that is worth more $200 million ($203,732,760) at the current trading price. The hack uses mixing services to disguise the origin of the funds when liquidating the assets.

ErgoBTC reported that the address remained dormant from mid-March to early-May. Since then the exchange flows have averaged between 300 to 500 BTC daily.

The pause was probably due to the crash in Bitcoin’s price and the hackers continued to sell once they though the asset’s price has recovered from the crash.

Effect on BTC price

As Cryptopolitan previously reported, many analysts considered the bear market in late 2019 was caused by the PlusToken selloff. The huge selling pressure overwhelmed the buying momentum and caused the price to decline.

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Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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