If you have been involved in the Bitcoin market last year, you know PlusToken.
PlusToken was a Ponzi scheme that focused on the Asian cryptocurrency space active in 2019. According to some reports, the scam kept the sum of $ 3 billion, largely on the BTC and ETH summit.
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Finally the pyramid collapsed; In July 2019, scam operators began to restrict withdrawals, then began to flee from the authorities.
Some ringlets fled; others were caught by the authorities.
Regardless, from July to early this year, the rest of PlusToken's operators have put millions of dollars into Bitcoin.
The analysis by the so-called chained analyst "Ergo" argued that there were about 1,000 BTCs (worth about $ 8 million later) that fraudsters sell every day.
Reports from chain analytics companies show that PlusToken's massive collapse caused $ 6,400. Others claim that PlusToken's 2019 rally is the catalyst for $ 14,000.
Chart of BTC's price action in 2019 from TradingView.com
Fortunately for bulls, reports have revealed that only all the leaders of multi-billion dollar scams have been caught.
Multi Billion Dollar Bitcoin Scam Operators Caught
According to Dovey WanCo-founder of Primitive Ventures, all members of the PlusToken leadership were arrested:
“The 27-core PlusToken team member has been arrested by the Chinese police, the biggest crypto fraud in history, $ 3 worth of crypto scams… There have been a number of legal enforcement actions in the past 12 months as the core team is everywhere, the world has taken some time. "
All 27 core PlusToken team members were arrested by Chinese police, the biggest crypto fraud in history, $ 3 worth of crypto scams
The bulls now have little or no luggage 🧳 and 🌕 pic.twitter.com/sidjvsqa5j
– Dovey 以德服人 Wan 🪐🦖 @DoveyWan July 30, 2020
The reviewer suggested that this is still very important for the Bitcoin bull case, because it is unlikely to sell the money they still have.
It is not clear what PlusToken's executives have when they are arrested. However, in the past few months, $ 450 million has been moved from cryptocurrency addresses. As reported by NewsBTC, DTC Capital’s Spencer Noon wrote:
“This week, the following #PlusToken funds moved to exchanges and new addresses for mixing: – 22 thousand BTC ($ 203 million) – 789 thousand ETH ($ 183 million) – 26 million EOS ($ 68 million) – 20 million XRP ($ 4 million ). Big question: Can crypto money markets absorb this volume or can we go further down? "
Wan suggested that the figure is close to $ 1 billion, according to information he knows. Regardless of the exact figure, with these arrests, "the bulls have little or no luggage" added, meaning Bitcoin can be sent to the "moon".
One of the Many Bull Foundations
Since it is unlikely to relocate PlusToken related funds, a huge source of selling pressure has now disappeared. However, this is just one of many positive catalysts for the Bitcoin and crypto market.
Mike Novogratz, Galaxy Digital CEO, told CNBC on Tuesday that Bitcoin has the potential to reach $ 20,000 this year.
It showed the money pressure that the central banks of the world should increase the scarce assets of Bitcoin and gold.
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Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone