OXT Research, a tool from Samourai Wallet, some time ago, exposed the essence of the PlusToken Bitcoin sell-off that happened in 2019. Besides a crash course in cryptocurrencies privacy issues, this new information verifies a correlational link between price actions for Bitcoin (BTC) over the previous six months.
While the PlusToken scam was over at last in 2019, the on-chain data by OXT Research is still analyzed. Chainalysis performed the first forensic sweep and found out that over $2 billion in assets gathered. There was some uncertainty about their analysis methods. In the previous report, it seems that the first amount of Bitcoin (BTC) supposedly cashed out is much lower than the most recent data as we are reading in today’s crypto news.
They stated:
“The Chainalysis blog post is extremely opaque and we are unable to verify this analysis due to a lack of references including pre-mix addresses and clusters, postmix addresses, and most importantly distribution transaction IDs.”
Really the consequences from the first multi-billion dollar cryptocurrency Ponzi scheme is still being analyzed and calculated. Probably the most important is the correlational link between the price of Bitcoin and the off-loading procedure of PlusToken. While the concrete figures are uncertain, OXT estimates that the fraud’s “total hoard likely exceeded 1% of BTC’s total supply.”
According to the report, the most remarkable characteristic of this scam was its size. “Billion-dollar scams are very rare,” they said. “We did not expect the previously reported 200K BTC volumes to be accurate, but they were.” From this supply, few of addresses identified due to the awful privacy practices on the side of PlusToken started distributing Bitcoin (BTC) at a rate of 1,050 Bitcoin (BTC) per day. The distribution started in 2019 in the first week of August and lasted until the end of November.
The report confirms that “this distribution likely had a significant downward effect on price action in the latter half of the year.” From the projected 187,646 BTC, PlusToken has yet to distribute between 55,843 to 75,843 tokens. The epilogue is that the PlusToken fraud is still unraveling.
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Due to the research from several members of the cryptocurrency community, but it will be easier by far to follow where these coins are going in 2020.
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