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Chinese Ponzi scheme dumps its crypto causing a fall in the price of Bitcoin

The price of Bitcoin could be kept beneath by frauds who seek to freeze it at an approximated amount of $2 billion worth of cryptocurrency, which belongs to one of the prominent Ponzi Schemes known as ‘PlusToken.’

That is according to an analysis of the Blockchain faculty of China. It states that about 45,000 BTC (302 million) and 800,000 ETH ($102million) sent by steering pockets of PlusToken to individual addresses that are owned by the frauds themselves. The faculty stated that about 20,000 BTC which is worth over $134 million is about to be disposed.

It stated that given the keen speculations and the outcomes they have seen as far as they are concerned, freezing of those large sums of money that the frauds obtained inappropriately are capable of bringing down the costs of cryptocurrency. 

Plus Token, the Chinese Bit Connect

Just like the other Bitcoin Ponzis, the PlusToken fraud defrauded the investors out of their cryptocurrency by giving promises of profitable returns.

The thing the majority of purchasers had to do was to get the PLUS cryptocurrency with Bitcoin $BTC^8.55 percent and Ether. However, they had the aim of gaining large amounts of profits from the exchange of dividends, mining earnings and additional bonuses, which comes automatically.

An analysis from china stated that a number of their exchanges included PLUS and its cost went high totaling to 350 percentages as it consolidated investments from many citizens. The readers, who are familiar with frauds from BitCoin, have a bizarre feeling and a strong sense of déjà vu as we speak now.   

In total, the Plus token Ponzi has gathered a total of 180,000 BTC, 640,000ETH, 110,000 USDT, and 6,400,000 OMG, which they acquired, from their victims. These particular sums of money add up to approximately $2 billion. The group said they have traced a total of $23 billion worth from various cryptocurrencies, which the victims sent to the PlusToken frauds. They state that some portion of the money was paid out to sustain the suspicion of high profits at the same time Plus Token branded itself as an honest and worthy entity.

However, they have traces amount that is approximately 800,000 ETH ($102 million) and 45,000 BTC (4302 MILLION). They can ultimately assert that the frauds transferred some of the amounts to their own accounts using addresses that the authorities cannot track easily. 

This post was originally published on Food and Beverage Herald

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