• November 28, 2022

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 had been looking pretty bullish early in February. Nevertheless, things seem to have to take an awful change too fast.

In the middle of bullish fundamentals, one of the reasons that this can be attributed to is the selling pressure from scams. According to independent research, PlusToken Scam coins are on the move once again. While the rate of distribution is slower than the last 12 months, the sell-off is still significant.

PlusToken Scammers Mark High?

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

The next movement in the smaller bitcoin addresses was witnessed on 17th February. Post that, the last transactions on those addresses had been logged on 6th and 7th March 2019.

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

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

Ghosts of the Past: Mt. Gox

Furthermore, the Mt. Gox arrangement is also approaching its end. The trustees and the creditors are presently responsible for about 141,000 BTC that was remaining from the 850,000 bitcoins hack. Leading on-chain analyst, David Puell had warned of a feasible sell-off in March due to this.

According to recent reports, an arrangement of about 88% in USD value has been suggested to the victims of the hack by the Trustees of the defunct Japanese exchange. New York-based Fortress Investment Group is ready to stake claims on all the 141k bitcoins by paying out the investors.

Fortress claims to help to make the payout to the investors after approval in 3 days. This could create a log of selling pressure in the market, on acceptance and announcement of reimbursement dates.

However, the total amount of Bitcoins is further entangled in another lawsuit with CoinLab and Tibanne, who claim the main portions as well.

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