RATE Group | Could Bitcoin Price Press Higher as PlusToken Liquidations Slow?
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Could Bitcoin Price Press Higher as PlusToken Liquidations Slow?

15 Dec Could Bitcoin Price Press Higher as PlusToken Liquidations Slow?

Posted at 01:26h in Bitcoin News by

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Over the past few months, the crypto industry has been awash with news about the PlusToken Bitcoin scam, which allowed scammers to accrue billions worth of digital assets over the course of a year-long operation.

For some context, PlusToken was a cryptocurrency “wallet” and storage solution that gave users returns on their deposits and also gave refers rewards, acting much like a classic Ponzi scheme but with a cryptocurrency backdrop.

Earlier this year, a number of ringleaders of the operation were arrested in Vanuatu, though a few individuals remain missing abroad. While few in the West have heard of the scheme, for it was operated mainly out of China, data indicates that the firm stole upwards of $3 billion of cryptocurrencies, mainly Bitcoin, at its peak.

Related Reading: Why Bitcoin’s Plunge to $6,500 Might Have Been the Bottom

And according to analyses by on-chain analyst Ergo, the remaining ringleaders of PlusToken have likely been selling “a little over 1,100 BTC…

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