On Monday, the blockchain surveillance company Chainalysis published an excerpt from the firm’s upcoming crime report that will publish in January. According to the Chainalysis research, the Ponzi scheme called Plustoken not only defrauded investors out of $3 billion but the scam “may also be driving down the price of bitcoin.”
Also read: Mystery Surrounds DDoS Attacks That Have Downed the Darknet
Are Ponzi Schemes Behind the BTC Price Suppression?
Over the last few weeks, a lot of speculators have assumed that the Plustoken and Cloudtoken scams are the primary reason BTC prices have been suppressed. Plustoken is a Ponzi scheme that started in South Korea where essentially the creators promised huge returns if people kept their funds in the Plustoken platform. The Plustoken admins said that the rewards stemmed from “exchange profit, mining income, and referral benefits.”
While we were worried about Craig Wright threatening to sell his Bitcoins, PlusToken has quietly dumped this market into oblivion.
What should we be even more concerned about? The amount of ETH they've yet to sell, which is staggering.
— Omar Bham (Crypt0) (@crypt0snews) December 17, 2019
On the Plustoken website, the team said the platform was like a traditional crypto wallet but with a profit-sharing concept. “Our super wallet will let you earn interest of around 6-18% monthly profit allocated to your wallet,” the Plustoken wallet site details. In June, global law enforcement busted six members who allegedly ran the Plustoken Ponzi operation. Then in August, the blockchain analysis firm Ciphertrace published its Q2 cryptocurrency anti-money laundering report and the research discussed the Plustoken scheme.
“Ciphertrace has not definitively confirmed this apparent
