$3B Ponzi Scheme Is Now Allegedly Dumping Bitcoin by the Hundreds
Marie Huillet's original article for cointelegraph.com reduced by 57%
Amid a downturn in the cryptocurrency markets, the apparent swathe of Bitcoin sell-offs from a $3 billion Chinese Ponzi scheme could be to blame. On Aug. 14, Dovey Wan - founding partner of blockchain-based investment company Primitive Ventures - called attention to the ongoing mass sell-offs from the fraudulent Chinese investment scheme, dubbed PlusToken.
As Wan outlines, PlusToken was created in mid-2018 and promised high yield investment returns at different rebate percentages to its four tiers of member - a classic Ponzi scheme structure. Wan has attached data on all the wallet addresses - including Bitcoin, Ether and EOS - known to be associated with PlusToken and urgently called on exchanges and over-the-counter platforms to blacklist them. Graph showing PlusToken's money flow in early July.
Chinese traders have reportedly claimed that an unknown address has in recent days been dumping 100 BTC incessantly on crypto exchange Binance, which Wan suspects to be connected to the scheme. As just reported, the PlusToken scheme was identified as being the largest single incident of loss in a recent summary of 2019 crypto-related theft from blockchain security firm CipherTrace, having purportedly defrauded investors of $2.9 billion.
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