The PlusToken Saga Unveiled

The PlusToken Ponzi scheme, once thought to be just another scam in the vast sea of cryptocurrency, has shown its ugly effects in the market over the past few years. With a sordid history of deceiving around 10 million participants, this scheme has continued to haunt crypto enthusiasts long after its operators were apprehended. Scary stuff, right?

How Funds Flowed Like Water

According to the latest report from OXT Research, the funds that were part of the PlusToken scam danced their way from isolated wallets to coin mixers, before eventually being funneled into the market.

• Initial Wallets: Coins started in unmixed locations, essentially like that kid at the party nobody wanted to dance with.
• Mixing it Up: Funneled through mixers, where the coins got to mingle anonymously.
• Consolidation: Eventually gathered in larger swathes, making them more presentable for distribution.
• Distribution: Finally released into the market, our little coins found their new homes, but not without chaos.

Distributed Coins and Their Impact

Hold onto your hats! Approximately 80% of coins that entered mixing have seen the light of day and found their way into trades. According to OXT, a whopping 37,725 BTC have been lurking in mixers and distribution—imagine them mingling at a club but never quite making it to the after-party.

“Most of PlusToken’s market effects have largely passed.”

Exchanges Stealing the Show

OXT’s report highlights that regulated exchanges, like OKEx and Huobi, are the leading players in offloading the BTC profits from PlusToken. OKEx received nearly 50% of the distributions in February alone. Who knew regulated exchanges could moonwalk their way into dubious territory?

A Chain Reaction to Market Turmoil

The effects of the PlusToken scandal are far-reaching. The crypto market saw its dark days, particularly around March 6, when a staggering 13,000 BTC was sent to mixers and the price of Bitcoin took a nosedive from $9,200 to $7,930 in less than a day. Who’s crying now? Investors fleeing to stable assets, that’s who!

In conclusion, while PlusToken may seem like a graveyard tale for cryptocurrency, the narrative will continue to unfold. The question is not just about what happened, but what still lies ahead for the ever-evolving world of crypto.