{"id":410515,"date":"2020-01-10T23:00:47","date_gmt":"2020-01-10T23:00:47","guid":{"rendered":"https:\/\/uniquehot.com\/?p=410515"},"modified":"2020-01-10T20:59:32","modified_gmt":"2020-01-10T20:59:32","slug":"crypto-exchange-wallet-balance-shows-impact-of-plustoken-scam","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-exchange-wallet-balance-shows-impact-of-plustoken-scam\/","title":{"rendered":"Crypto Exchange Wallet Balance Shows Impact of PlusToken Scam"},"content":{"rendered":"

The PlusToken<\/a> scam of 2019 helped fuel Bitcoin\u2019s parabolic rise to $14,000 in mid-2019, before the scammers began dumping stolen Bitcoin into the market through the crypto exchange Huobi.<\/p>\n

New data that shows the growth of cryptocurrency wallets across the most popular cryptocurrency exchange from January 2019 on, shows just how large the impact that PlusToken had on the crypto market and Bitcoin\u2019s price during the calendar year.<\/p>\n

Crypto Exchange Grows By 200,000 BTC, PlusToken Scammers Steal 200,000 BTC<\/h2>\n

During the early half of last year, a Ponzi scheme called PlusToken defrauded a large sum of Bitcoin from investors<\/a>.<\/p>\n

The buying up of Bitcoin<\/a> to fuel the scheme, caused the leading cryptocurrency by market cap to break up and out of its bottom trading range \u2013 possibly preemptively \u2013 and caused the crypto asset to skyrocket.<\/p>\n

Related Reading | Could PlusToken Scam Be Responsible for Broken Crypto Market Structure?<\/a><\/strong><\/em><\/p>\n

Once Bitcoin began lifting off, FOMO from sidelined traders and investors not wanting to miss out on cheap Bitcoin drove the price up higher and higher, causing the asset to go parabolic once again.<\/p>\n

The rally went on for three months until the first-ever crypto asset was stopped at resistance at $14,000. The top coincided with PlusToken scammers beginning to move their stolen BTC to crypto trading platform Huobi, where it was sold into the market causing prices to collapse.<\/p>\n

The scammers ended up with an estimated 200,000 BTC \u2013 which is a significant portion of the crypto asset\u2019s hard-capped supply. Each time Bitcoin\u2019s price would rise, the scammers would dump more BTC into the market, causing the price to plummet lower and lower.<\/p>\n

Some analysts blame the PlusToken<\/a> scam for the cryptocurrency market\u2019s broken \u201cstructure.\u201d<\/a><\/p>\n

To understand just how large the impact of the scam was on the crypto market, one analyst has measured the total wallet balances of most major crypto platforms.<\/p>\n

While most crypto platforms remained relatively steady throughout the year, Huobi\u2019s wallets can be seen ballooning, then as the PlusToken scammers unloaded, began to retract.<\/p>\n

https:\/\/twitter.com\/ceterispar1bus\/status\/00928513?s=12<\/p>\n

According to the analyst, most exchanges changed by as much as 10,000 to 40,000 BTC. Meanwhile, Huobi gained nearly 200,000 net BTC. It\u2019s suspect that the exchange has grown nearly the same amount as the scammers were said to have stolen, and later dumped into the market.<\/p>\n

Related Reading | Max Pain: Bitcoin Boredom Incoming Before Bull Market Begins<\/a><\/strong><\/em><\/p>\n

Interestingly, Bitfinex, which this year has fought off all kinds of bad press related to sister company Tether, saw an enormous outflow of BTC from the exchange. However, the deviation between the two platforms is likely unrelated.<\/p>\n

It\u2019ll still be a while to come before the impact of the PlusToken<\/a> scam on the crypto market wears off, and until then, we may be stuck in a downtrend a bit longer, until the scammers run out of BTC to sell.<\/p>\n","protected":false},"excerpt":{"rendered":"

The PlusToken scam of 2019 helped fuel Bitcoin\u2019s parabolic rise to $14,000 in mid-2019, before the scammers began dumping stolen Bitcoin into the market through the crypto exchange Huobi. New data that shows the growth of cryptocurrency wallets across the most popular cryptocurrency exchange from January 2019 on, shows just how large the impact that PlusToken had on the crypto market and Bitcoin\u2019s price during the calendar year. Crypto Exchange Grows By 200,000 BTC, PlusToken Scammers Steal 200,000 BTC During the early half of last year, a Ponzi scheme called PlusToken defrauded a large sum of Bitcoin from investors. The buying up of Bitcoin to fuel the scheme, caused the leading cryptocurrency by market cap to break up and out of its bottom trading range \u2013 possibly preemptively \u2013 and caused the crypto asset to skyrocket. Related Reading | Could PlusToken Scam Be Responsible for Broken Crypto Market Structure? Once Bitcoin began lifting off, FOMO from sidelined traders and investors not wanting to miss out on cheap Bitcoin drove the price up higher and higher, causing the asset to go parabolic once again. The rally went on for three months until the first-ever crypto asset was stopped at resistance at $14,000. The top coincided with PlusToken scammers beginning to move their stolen BTC to crypto trading platform Huobi, where it was sold into the market causing prices to collapse. The scammers ended up with an estimated 200,000 BTC \u2013 which is a significant portion of the crypto asset\u2019s hard-capped supply. Each time Bitcoin\u2019s price would rise, the scammers would dump more BTC into the market, causing the price to plummet lower and lower. Some analysts blame the PlusToken scam for the cryptocurrency market\u2019s broken \u201cstructure.\u201d To understand just how large the impact of the scam was on the crypto market, one analyst has measured the total wallet balances of most major crypto platforms. While most crypto platforms remained relatively steady throughout the year, Huobi\u2019s wallets can be seen ballooning, then as the PlusToken scammers unloaded, began to retract. https:\/\/twitter.com\/ceterispar1bus\/status\/00928513?s=12 According to the analyst, most exchanges changed by as much as 10,000 to 40,000 BTC. Meanwhile, Huobi gained nearly 200,000 net BTC. It\u2019s suspect that the exchange has grown nearly the same amount as the scammers were said to have stolen, and later dumped into the market. Related Reading | Max Pain: Bitcoin Boredom Incoming Before Bull Market Begins Interestingly, Bitfinex, which this year has fought off all kinds of bad press related to sister company Tether, saw an enormous outflow of BTC from the exchange. However, the deviation between the two platforms is likely unrelated. It\u2019ll still be a while to come before the impact of the PlusToken scam on the crypto market wears off, and until then, we may be stuck in a downtrend a bit longer, until the scammers run out of BTC to sell.<\/p>\n","protected":false},"author":517,"featured_media":410517,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,925,6664,2386,51643,3776],"class_list":["post-410515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitfinex","tag-crypto","tag-huobi","tag-plustoken","tag-scam"],"acf":[],"yoast_head":"\nCrypto Exchange Wallet Balance Shows Impact of PlusToken Scam<\/title>\n<meta name=\"description\" content=\"The PlusToken scam of 2019 helped fuel Bitcoin\u2019s parabolic rise to $14,000 in mid-2019, before the 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Exchange Wallet Balance Shows Impact of PlusToken Scam","url":"http:\/\/uniquehot.com\/news\/crypto-exchange-wallet-balance-shows-impact-of-plustoken-scam\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/crypto-exchange-wallet-balance-shows-impact-of-plustoken-scam\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/crypto-bitcoin-plustoken-ponzi-scheme-shutterstock_392539381.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/crypto-bitcoin-plustoken-ponzi-scheme-shutterstock_392539381.jpg?fit=1000%2C668"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitfinex","crypto","huobi","plustoken","scam"],"dateCreated":"2020-01-10T23:00:47Z","datePublished":"2020-01-10T23:00:47Z","dateModified":"2020-01-10T23:00:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Exchange Wallet Balance Shows Impact of PlusToken Scam\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-exchange-wallet-balance-shows-impact-of-plustoken-scam\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-exchange-wallet-balance-shows-impact-of-plustoken-scam\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/crypto-bitcoin-plustoken-ponzi-scheme-shutterstock_392539381.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/crypto-bitcoin-plustoken-ponzi-scheme-shutterstock_392539381.jpg?fit=1000%2C668\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitfinex\",\"crypto\",\"huobi\",\"plustoken\",\"scam\"],\"dateCreated\":\"2020-01-10T23:00:47Z\",\"datePublished\":\"2020-01-10T23:00:47Z\",\"dateModified\":\"2020-01-10T23:00:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/crypto-bitcoin-plustoken-ponzi-scheme-shutterstock_392539381.jpg?fit=1000%2C668","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/410515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=410515"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/410515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/410517"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=410515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=410515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=410515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}