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China's PlusToken scam is moving $ 117 million of Bitcoin

Plus 240 million USD of Plus Token has been transferred

The PlusToken scam has transferred about 13,000 BTC to a coin shaker in the past 24 hours, according to blockchain research firm Ergo. Sending money to consoles does not mean that a short-term sell-off will occur, but that increases the probability of a sell-off.

The researchers at Ergo said:

"Nearly 13,000 PlusToken's new BTC has been sent to the mixer in the past 24 hours. Almost all of the money deposited into the mixer has been disturbed, supporting our hypothesis. Delivery is still on / off. Much later than September and November. New and full reports are about to be completed. "

13,000 Bitcoins are transferred to the mixer wallet address (Source: Ergo Twitter)
13,000 Bitcoins are transferred to the mixer wallet address (Source: Ergo Twitter)

Whether or not the sell-off of Bitcoin by this scam has been in the market for months is still open.

Is there a Bitcoin sell-off?

According to Ergo, the people behind the infamous Plus Token scam have been dumping since August – that's more than 6 months to the present.

The selling rate has gradually decreased, which coincides with the recovery momentum in the cryptocurrency market.

One difficult aspect of monitoring mixer cash flow to exchanges is tracing money that has been disturbed on the exchange's order book. Put simply, it is relatively easy to track the source of money from a mixer to an exchange, but it will be difficult to determine exactly whether this money has been sold on that exchange. .

Ergo's team said they were inclined to the possibility that the BTC number would be sold immediately after moving from mixer to exchange.

The research team said:

"They have turned on / off the sale mode since August. The recent speed is much slower. We have tried to differentiate between sale / distribution. On the chain we notice that distribution goes to the exchange, but not the order book. What is being mentioned, the distribution is price sensitive. Pause on the weakness of prices. We are inclined to distribute and sell almost simultaneously. "

At the current price of 9,100 USD, this 13,000 BTC is worth about 118.3 million USD. While the cryptocurrency market is processing tens of billions of dollars in daily volume, the majority of it is calculated on leveraged transactions on margin trading platforms like BitMEX and Binance Futures.

Could it affect the price?

If 13,000 BTC are sold, and such a move takes place over time, it is unlikely to impact the price trend in the short term. But, if the number of sales sold at one time is large, then it is likely to result in a series of liquidations on margin exchanges.

Therefore, famous analyst and trader Jacob Canfield thinks it is time to be cautious and watch the market.

I said:

"Thanks to Ergo for your hard work on this topic, but it seems the ponzi PlusToken plan has sent more Bitcoin. A time of caution and watch over the market. "

The impact can create a Bitcoin sell-off, if it happens, it will largely depend on how, when, and when this BTC was sold. Due to the wide range of volatility, some traders remain cautious towards the market in the short term.

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According to CryptoSlate
Translated by ToiYeuBitcoin

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