Bitcoin Sell-off Might be Linked Two of the Largest Scams in its History

Bitcoin and crypto-markets are teetering from a massive sell, this close to halving. The markets were looking fairly bullish early in February. However, things seems to have to taken an ugly turn too fast.


In the midst of bullish fundamentals, one of the reasons that this can be attributed to is the selling pressure from scams. According to an independent research, PlusToken Scam coins are on the move again, while the rate of distribution is slower than last year, the sell-off is still significant.

PlusToken Scammers Mark High?

As reported earlier on CoinGape, on 11th February, about 20,000 Bitcoins were moved to one large address which was further distributed to smaller accounts.

The next movement in the smaller BTC addresses was witnessed on 17th February. Post which, the final transactions on those addresses were logged on 6th and 7th March 2019.

btc plustoken dump
Addresses Associated with PlusToken Scam BTC

In total, about 187,000 Bitcoins and other cryptocurrencies like ETH were siphoned in the scam. In the latter half of 2018 (since August), this can created a lot of selling pressure in the market.



This is around the same time when Ergo reports Bitcoins being sent to a mixer. Moreover, on 3rd March 2020, $100 million dollar in Ethereum was also moved across the blockchain. Hence, it seems quite evident that the scammers are unloading onto the market.

Ghosts of the Past: Mt. Gox

Furthermore, the Mt. Gox settlement is also nearing its end. The trustees and the creditors are currently liable to about 141,000 BTC that was left from the 850,000 BTC hack. Leading on-chain analyst, David Puell

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