{"id":432823,"date":"2020-07-31T10:00:20","date_gmt":"2020-07-31T10:00:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=432823"},"modified":"2024-06-11T14:05:53","modified_gmt":"2024-06-11T14:05:53","slug":"unexpected-factor-that-suppressed-bitcoin-bulls-in-2019-is-now-gone","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/unexpected-factor-that-suppressed-bitcoin-bulls-in-2019-is-now-gone\/","title":{"rendered":"Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone"},"content":{"rendered":"

If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken.<\/p>\n

PlusToken was a Ponzi scheme with a focus on the Asian cryptocurrency space that was active in 2019. In offering depositors of Bitcoin, Ethereum, EOS and other cryptocurrencies high levels of interest, the operators of the scam managed to garner billions worth of assets. Per some reports, the scam held upwards of $3 billion worth of largely BTC and ETH at its peak.<\/p>\n

Related Reading:\u00a0Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue<\/a><\/h6>\n

Eventually, the pyramid collapsed; in around July of 2019, the operators of the scam began restricting withdrawals, then began to run from the authorities.<\/p>\n

Some ringleaders escaped; others were caught by authorities.<\/p>\n

Regardless, from July to as late as early this year, the remaining operators of PlusToken dumped millions of dollars of Bitcoin on the market.<\/p>\n

Analysis by the pseudonymous on-chain analyst “Ergo” argued that there was around 1,000 BTC \u2014 then worth around $8,000,000 \u2014 sold every day by the scammers.<\/p>\n

Reports from chain analysis companies suggest that PlusToken is largely what caused the crash to $6,400. Some argue that PlusToken was also the catalyst for the early 2019 rally to $14,000.<\/p>\n

<\/p>\n

Chart of BTC's price action in 2019 from TradingView.com<\/a><\/pre>\n
Fortunately for bulls, reports have just revealed that all the leaders of the multi-billion-dollar scam have been apprehended.<\/p>\n
Operators of Multi-Billion-Dollar Bitcoin Scam Apprehended<\/strong><\/h2>\n
According to Dovey Wan<\/a>, founding partner of Primitive Ventures, all members of the PlusToken leadership have been arrested:<\/p>\n
“27 core PlusToken team members are all arrested by Chinese police, the biggest crypto scam in the history so far, $3B worth of crypto is scammed… there are a series of legal enforment actions in past 12 months as it\u2019s core team are all over the world took quite a while.”<\/p><\/blockquote>\n
\n
FINALLY <\/p>\n
27 core PlusToken team members are all arrested by Chinese police, the biggest crypto scam in the history so far, $3B worth of crypto is scammed <\/p>\n
Bulls now have little to no baggage \ud83e\uddf3 and lets send it to the \ud83c\udf15 pic.twitter.com\/SiDJVSqA5J<\/a><\/p>\n
— Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) July 30, 2020<\/a><\/p><\/blockquote>\n