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Cryptocurrency scam in China: The Cause for Bitcoin Price fall

Category : Technology | Sub Category : | Posted on: 2019-12-17 11:15:52


Cryptocurrency scam in China: The Cause for Bitcoin Price fall

The fall of Bitcoin is an indication of tougher times ahead for the giant cryptocyrrency, as Chainalysis researcher exposes the Chinese crypto scam that will extend the fall of Bitcoin. The current Bitcoin market carnage has been inspired by Chinese crypto scammers.

The agents have put pressure to the largest cryptocurrency through dumping more than $2 billion PlusToken coins to cash out from anonymous accounts. Chainalysis has been trailing PlusToken sales for close to five-months and made a damning revelation about the future of Bitcoin. 

Bitcoin price has been reduced by 50%, since the Chinese authorities arrested suspects in the pyramid scheme that deceived investors with a guaranteed return of up to 600%, as a remuneration for inviting new members. The Price decline is probably tied to the fact that the PlusToken suspects are still walking scot-free and not in custody.

According to Chainalysis estimates, the PlusToken perpetrators have sold about 25,000 Bitcoins. Additionally, 20,000 Bitcoins are spread to more than 8,700 anonymous crypto addresses. Criminals take advantage of the anonymous nature of crypto accounts to masquerade activities, despite the transparency nature of Blockchain technology that powers the monitoring of transactions.



  


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