According to researchers from the analytical company TokenAnalyst, the current drop in the price of BTC was not caused by the mass sale of cryptocurrency by the operators of the fraudulent PlusToken scheme.
As reported by
Bloomberg, the co-founder of the London-based analytical company TokenAnalyst, Sid Shekhar, said that the mass sale of BTC by the operators of the Chinese cryptocurrency pyramid PlusToken for $3 billion cannot be the reason for the recent price drop.
The firm found no evidence that the PlusToken scheme operators moved a significant amount of BTC to any known exchange addresses. Shekhar said:
“It seems that none of these addresses belong to the exchange. […] We will monitor developments to track whether the operators of the scheme are moving hundreds of millions to the exchanges.”
The obtained data challenge the recent statements of the founder of the investment blockchain company Primitive Ventures, Davey Wan, who expressed
assumptions that the operators of the PlusToken scheme sell a large number of bitcoins, which caused a decline in the exchange rate of the largest cryptocurrency.
However, TokenAnalyst analyzed PlusToken transactions in the Bitcoin blockchain and found that thousands of BTC were sent to online mixing services that allow hiding the origin of the coins.
Shekhar added that a large amount of BTC has hit the mixers in recent months. This is confirmed by the research group Clain.io, which recently claimed that a significant part of the 7074 BTC stolen from Binance was laundered through the Chipmixer mixing service. According to Clain researchers, at least 4836 BTC has been laundered since June 12.
For the first time, it became known that the PlusToken cryptocurrency wallet turned out to be a financial pyramid
in early July. At the moment, this is the largest collapse of a cryptocurrency financial pyramid in China