{"id":407850,"date":"2019-12-18T18:18:14","date_gmt":"2019-12-18T18:18:14","guid":{"rendered":"https:\/\/wncen.com\/?p=407850"},"modified":"2024-06-11T16:25:05","modified_gmt":"2024-06-11T16:25:05","slug":"plustoken-scam-triggered-the-bitcoin-bear-trend-but-its-not-the-sole-factor","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/plustoken-scam-triggered-the-bitcoin-bear-trend-but-its-not-the-sole-factor\/","title":{"rendered":"PlusToken Scam Triggered the Bitcoin Bear Trend, But It&#8217;s Not the Sole Factor"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The PlusToken Ponzi scheme has and continues to impact the price of Bitcoin as funds are liquidated via OTC brokers, but half the problem facing the BTC market is a lack of buying demand according to analyst Alex Kr\u00fcger.\u00a0<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">PlusToken Dump<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">PlusToken promised its &#8220;investors&#8221; monthly returns of anywhere from 10 to 30 percent in its eponymous token (PLUS), which traded on such popular exchanges as Huobi and Bithumb. This attracted more than 200,000 Bitcoin, 789,000 ether, and 26 million EOS, <a href=\"https:\/\/blog.chainalysis.com\/reports\/plustoken-scam-bitcoin-price\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"s2\">as reported by Chainalysis<\/span><\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">While six individuals connected to PlusToken were\u00a0arrested in June, the stolen funds have continued to move through wallets and be cashed out through independent <a href=\"https:\/\/wncen.com\/2019\/12\/18\/four-big-acquisitions-by-4-billion-crypto-giant-shows-market-isnt-that-bad-afterall\/\"><span class=\"s2\">OTC brokers<\/span><\/a> operating mostly on the Huobi platform, showing that one or more of the scammers are still at large.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Starting in mid-April the coins have been being dumped and these spikes in on-chain flow to OTC brokers correlate with drops in <a href=\"https:\/\/wncen.com\/2019\/12\/18\/bitcoin-will-quickly-reverse-from-intense-plunge-because-of-these-3-main-factors\/\"><span class=\"s2\">Bitcoin&#8217;s price<\/span><\/a>.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">An impact is registered when looking at <a href=\"https:\/\/wncen.com\/2019\/12\/15\/what-ethereums-trading-volume-shows-about-the-intense-bear-trend\/\"><span class=\"s2\">trade volume<\/span><\/a>, too. Chainalysis saw a rise in trades of Bitcoin for Tether starting on September 23rd, a few days after the PlusToken wallets sent a large volume of Bitcoin to Huobi OTC brokers. Shortly after, on September 24th, the price of Bitcoin began to drop.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">It&#8217;s Only Half the Problem of Bitcoin Drop<\/span><\/h2>\n<figure id=\"attachment_407852\" aria-describedby=\"caption-attachment-407852\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-407852 size-medium\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/tweetcyborg-2.png?resize=460%2C292\" alt=\"bitcoin price\" width=\"460\" height=\"292\"><figcaption id=\"caption-attachment-407852\" class=\"wp-caption-text\">Markets are a two-way street (Source: @krugermacro)<\/figcaption><\/figure>\n<p class=\"p1\"><span class=\"s1\">From this analysis, a conclusion can be made that PlusToken cashouts correlate with drops in Bitcoin\u2019s price, but not that Bitcoin price drops are\u00a0caused\u00a0solely by PlusToken cashouts.<br \/>\n<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The cashouts likely caused increased volatility in one of two ways: either directly by increasing the supply of Bitcoin and changing market dynamics, or indirectly by affecting traders\u2019 perception of the market. <\/span><\/p>\n<blockquote>\n<p class=\"p1\"><span class=\"s1\">&#8220;Keep in mind that PlusToken cashouts are just one of many potential influences on Bitcoin\u2019s price. Media stories, concerted market manipulation efforts, algorithmic trading errors, or any number of other factors may have contributed to volatility as well,&#8221; said the firm. &#8220;But none of those components on their own provides a compelling explanation for the large spike in volatility in the time period we studied absent the influence of PlusToken.&#8221;<\/span><\/p>\n<\/blockquote>\n<p class=\"p1\"><span class=\"s1\">Analyst Alex Kr\u00fcger <\/span><span class=\"s1\"><a href=\"https:\/\/twitter.com\/krugermacro\/status\/08469504?s=20\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">points out<\/a> <\/span><span class=\"s1\">that these dumps are only half the reason Bitcoin sits where it does today. Down 50% from July, a lack of buyers and a lack of buying demand in the BTC market holds some of the blame, not just the scam. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">As he puts it: &#8220;Markets are a two-way street.&#8221;\u00a0<\/span><\/p>\n<p class=\"p1\">The ride isn\u2019t over yet: Chainalysis reported that while approximately 25,000 BTC ($168 million) has already been cashed out, 20,000 BTC (worth over $134 million) is still waiting to be dumped. Further, 790,000 ETH ($101 million) sits entirely untouched in a single wallet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The PlusToken Ponzi scheme has and continues to impact the price of Bitcoin as funds are liquidated via OTC brokers, but half the problem facing the BTC market is a lack of buying demand according to analyst Alex Kr\u00fcger.\u00a0 PlusToken Dump PlusToken promised its &#8220;investors&#8221; monthly returns of anywhere from 10 to 30 percent in its eponymous token (PLUS), which traded on such popular exchanges as Huobi and Bithumb. This attracted more than 200,000 Bitcoin, 789,000 ether, and 26 million EOS, as reported by Chainalysis. While six individuals connected to PlusToken were\u00a0arrested in June, the stolen funds have continued to move through wallets and be cashed out through independent OTC brokers operating mostly on the Huobi platform, showing that one or more of the scammers are still at large.\u00a0 Starting in mid-April the coins have been being dumped and these spikes in on-chain flow to OTC brokers correlate with drops in Bitcoin&#8217;s price.\u00a0 An impact is registered when looking at trade volume, too. Chainalysis saw a rise in trades of Bitcoin for Tether starting on September 23rd, a few days after the PlusToken wallets sent a large volume of Bitcoin to Huobi OTC brokers. Shortly after, on September 24th, the price of Bitcoin began to drop. It&#8217;s Only Half the Problem of Bitcoin Drop From this analysis, a conclusion can be made that PlusToken cashouts correlate with drops in Bitcoin\u2019s price, but not that Bitcoin price drops are\u00a0caused\u00a0solely by PlusToken cashouts. The cashouts likely caused increased volatility in one of two ways: either directly by increasing the supply of Bitcoin and changing market dynamics, or indirectly by affecting traders\u2019 perception of the market. &#8220;Keep in mind that PlusToken cashouts are just one of many potential influences on Bitcoin\u2019s price. Media stories, concerted market manipulation efforts, algorithmic trading errors, or any number of other factors may have contributed to volatility as well,&#8221; said the firm. &#8220;But none of those components on their own provides a compelling explanation for the large spike in volatility in the time period we studied absent the influence of PlusToken.&#8221; Analyst Alex Kr\u00fcger points out that these dumps are only half the reason Bitcoin sits where it does today. Down 50% from July, a lack of buyers and a lack of buying demand in the BTC market holds some of the blame, not just the scam. As he puts it: &#8220;Markets are a two-way street.&#8221;\u00a0 The ride isn\u2019t over yet: Chainalysis reported that while approximately 25,000 BTC ($168 million) has already been cashed out, 20,000 BTC (worth over $134 million) is still waiting to be dumped. Further, 790,000 ETH ($101 million) sits entirely untouched in a single wallet.<\/p>\n","protected":false},"author":521,"featured_media":407869,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1558,16918,51643,3465],"class_list":["post-407850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-cryptocurrency","tag-dump","tag-plustoken","tag-ponzi"],"acf":[],"yoast_head":"\n<title>PlusToken Scam Triggered the Bitcoin Bear Trend, But It&#039;s Not the Sole Factor<\/title>\n<meta name=\"description\" content=\"PlusToken ponzi scheme has and continues to impact the price of Bitcoin. 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Delahunty, born in Lancashire, England, but raised and currently residing in Columbus, Ohio where I attended The Ohio State University studying English and History. After writing in the Fintech and Forex spaces, I began to focus on blockchain and cryptocurrencies \u2014 Bitcoin in particular \u2014 in 2016. 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