$5 Billion Crypto Selloff Associated with PlusTokens’ ‘Scammers’
The price of most top cryptocurrencies plummeted yesterday. Bitcoin dropped below the $7,000 mark for the first time in three weeks, and Ethereum lost 7% of its value. Overall, the crypto market lost about $5 billion within a short while.
Per blockchain data analysis firm Chainalysis, The selloff, could have been caused by those behind the PlusToken.
Chainalysis’ report claims they still controlled 20,000 BTC (now about $137 million) and 790,000 ETH ($102 million). Six people associated with PlusToken have so far been arrested and extradited to China from Vanuatu, where it’s being claimed they ran a Ponzi scheme.
According to Chainalysis’ report, about 25,000 BTC ($171.4 million) associated with PlusToken has been cashed out since April 2019 via over-the-counter (OTC) brokers.