Seizing the opportunity to dump? As Bitcoin reaches back to the ten-thousand mark, PlusToken transfers 123 million RMB worth of Bitcoin

Yesterday evening, Bitcoin once again surpassed the ten thousand mark, while Ethereum also rose to a new high for 2020. In the meantime, the Ponzi scheme PlusToken used this opportunity to transfer nearly 12,000 bitcoins.

• Not yet sold, suspected to be transferred to cold wallet
• Possibly targeting future bull market for sale

According to data from the large transaction monitoring platform WhaleAlert, last night at 9 o'clock, 12,000 bitcoins from PlusToken were transferred to an unknown address and subsequently split into multiple funds.

Chiachih Wu, co-founder of blockchain security company PeckShield, pointed out that a total of 12,423 BTC (about 123 million RMB) was transferred to cold wallet addresses.

One of the factors contributing to the market downturn in 2019

PlusToken is one of the largest Ponzi schemes in the cryptocurrency industry. The project claimed to be an automatic brick-moving platform, attracting investors with high returns and Ponzi scheme models. It was exposed last year after abruptly suspending withdrawals.

Many analysts have pointed out that PlusToken's sale was one of the main catalysts for the bear market in the second half of 2019. The downward trend began after Bitcoin reached $13,800 on June 26 last year, leading to significant declines in the prices of Ethereum and many other competing coins.

Cryptocurrency Twitter researcher Ergo believes that the main reason for the market sell-off last year may have been the realization of 200,000 bitcoins by PlusToken in the market. Ergo stated last year:

If the estimated 200,000 bitcoins from previous reports are correct, the impact on the market situation will continue for some time.

Chiachih Wu, co-founder of PeckShield, added:

This appears to be a pre-planned transaction, with the funds being split into 7 different addresses (ranging from hundreds to thousands of BTC), and a sale may happen soon after the transfer.

Given that Bitcoin has already risen by 42.9% this year and Ethereum has surged by 82.89%, it seems like a good arbitrage opportunity for PlusToken.

According to reports, both large transfers have been confirmed. As this event is exposed by the media, the cryptocurrency market and investors need to carefully observe how they will respond to the potential large sell-off.

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