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A $3B Ponzi Scheme is Supposedly Selling-off Hundreds of Bitcoin

By Mark Lemon – Cryptocurrency Professional

During a downturn experienced in the cryptocurrency markets, reports have emerged that a $3 billion Chinese Ponzi scheme selling Bitcoin could be the culprit.

Founding partner of blockchain-based investment company Primitive Ventures, Dovey Wan, called to attention on this massive sell-off from this huge scheme known as PlusToken.

PlusToken was established back in mid-2018 and had promised high yield investment returns at various rebate percentages to its four tiers of members, which is a typical Ponzi scheme structure. At the beginning of 2019, the project claimed to have over 10 million members.

Wan has attached data on just about every wallet address, including Bitcoin, Ether, and EOS that are linked with PlusToken and has made an urgent call to all over-the-counter platforms and exchanges to have them blacklisted. This means any user that tries to sell crypto from this scheme to exchanges will be seized.

She reports that two months ago, the Chinese police team had arrested an important team member of the scheme and also said that investors were scammed out of an astonishing $3 billion. If these culprits looked to cash out Bitcoin it would have a significant negative effect on the markets.

Wan has also attached investigative data from security audit firm Peckshield, showing money flowing from PlusToken’s wallet as early as July, which is when the sell-offs are assumed to have started. Though the offenders were able to scam people out of their money, they can’t so easily hide it on the blockchain.

Many companies can track transactions linked to illicit activity with analytics software and the majority of transactions on blockchains are completely traceable. You just need to know the wallet associated with the illicit activity.

You can sell Bitcoin UK over on our platform through your trusted Bitcoin broker, so make sure you check us out.

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