RATE Group | Bitcoin’s slump may have been driven by a billion-dollar Ponzi scheme, miners cashing ou…
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Bitcoin’s slump may have been driven by a billion-dollar Ponzi scheme, miners cashing ou…

18 Dec Bitcoin’s slump may have been driven by a billion-dollar Ponzi scheme, miners cashing ou…

Posted at 17:11h in Cryptocurrency News by

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bitcoinRick Bowmer/Associated Press

  • Bitcoin tumbled 7% in three days to trade below $6,700.
  • A billion-dollar Ponzi scheme, miners cashing out, and this trading could be responsible, experts said.
  • The biggest cryptocurrency skyrocketed from about $4,000 at the start of the year to almost $13,000 in June, but has nearly halved in price in the past six months.
  • View Business Insider’s homepage for more stories.

Bitcoin has tumbled 7% in three days. A billion-dollar Ponzi scheme, miners cashing out, and a market correction could be responsible.

The biggest cryptocurrency skyrocketed from about $4,000 at the start of this year to nearly $13,000 in June, but has almost halved to below $6,700 in the past six months. It now trades at a fraction of the $20,000 peak it reached in December 2017.

One big driver could be PlusToken, a Ponzi scheme that netted at least $2 billion in cryptocurrency, said Sid Shekar, the cofounder of TokenAnalyst, a crypto data firm.

The fraudsters have cashed…

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