It has been a while since an update on the PlusToken scam was provided. According to Chainalysis, this may be the reason why the Bitcoin price is dropping hard.
It is evident that PlusToken has caused a lot of damage.
PlusToken is on the Radar of Chainalysis
Not only did investors in this project lose money, the team still controls large amounts of bitcoin.
Where that funds has disappeared to, remains somewhat unclear.
According to Chainalysis, some amounts are sent to exchanges to drive the bitcoin price down.
With over 180,000 BTC under their control, the effect of PlusToken are still tangible today.
It remains unclear why this Chinese Ponzi Scheme managed to collect so much funds.
Over the years, there have been more than enough scams with a similar approach, yet they never raised over $3 billion.
Chainalysis also hints at how the stolen funds is being moved around these days.
The PlusToken scammers allegedly use a combination of mixers, OTC trading desks, and throwaway addresses to mask their traces.
It is evident that firms such as Chainalysis will find ways to track funds regardless of masking services being used.
In fact, the company identifies Wasabi Wallet as one of the primary CoinJoin solutions utilized by the PlusToken team.
What will happen to the rest of the coins, is uncertain.