RATE Group | Bitcoin Price Drop Not Caused by $3B Ponzi BTC Dump
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Bitcoin Price Drop Not Caused by $3B Ponzi BTC Dump

16 Aug Bitcoin Price Drop Not Caused by $3B Ponzi BTC Dump

Posted at 11:49h in Bitcoin News by

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Bitcoin’s (BTC) 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. Shekhar said:

“It doesn’t look like any of these addresses are exchange owned. […] So that was enlightening. We’ll keep an eye on this to see if they do move the 100s of millions into exchanges at some point.”

Disputed claims

The findings dispute recent claims by founding partner of blockchain-based investment company Primitive Ventures, Dovey Wan, who suspects PlusToken has been selling…

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