Researchers: Bitcoin Price Drop Not Caused by $3B Ponzi BTC Dump
Adrian Zmudzinski's original article for cointelegraph.com reduced by 74%
Bitcoin's recent price drop has not been caused by Bitcoin sell-offs from a $3 billion Chinese Ponzi scheme PlusToken, according to researchers at crypto analytics firm TokenAnalyst. Crypto analytics firm: PlusToken cannot be the cause. As Bloomberg reports on Aug.
15, co-founder of London-based cryptocurrency analytics firm TokenAnalyst, Sid Shekhar, said that a Bitcoin dump by the PlusToken operators cannot be the cause of the recent price drop. Notably, the firm did not find any evidence that PlusToken moved any significant amounts of Bitcoin to any known exchange addresses. The findings dispute recent claims by founding partner of blockchain-based investment company Primitive Ventures, Dovey Wan, who suspects PlusToken has been selling great quantities of Bitcoin.
TokenAnalyst analyzed PlusToken's transactions on the Bitcoin blockchain and found that thousands of Bitcoins were sent to online mixing services to obfuscate the origins of the coins. As Cointelegraph reported in July, Vanuatu, a Pacific Island country, has extradited six Chinese citizens arrested in the course of an ongoing investigation of the PlusToken to the mainland.
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