Bitcoin price to be held on account as scammers made an attempt to transact cryptocurrencies worth $2 billion. According to the reports of Chainalysis, it was made clear that PlusToken sent over 800,000 ETH and 45, 000 BTC to the address of each individual scammers that are in association with the firm. Not only that but $134 million worth 20,000 BTC are yet to be disposed of.
Based on the analysis, such a lump sum amount is likely to end the price era of cryptocurrencies.
PlusToken Behind The Cause…How It All Happened!
PlusToken being a huge part of the scam, promised high returns upon investing. That being said, buyers got hold of the cryptocurrency of PLUS with the help of Bitcoin. After that, a lucrative amount of return was to be given back, along with referral bonuses.
Another interesting fact about this whole incident is that investors were found to be getting an early amount as a deceiving act. This was done to prove the company isn’t in association with fraudulent activities after all.
OTC Brokers Found To Be Playing A Role In Cryptocurrency Laundering
Until now, over $185 million bitcoins were found to be laundered with the help of over-the-counter brokers. For now, Chainalysis confirms that batches of these Bitcoins were sold out through a common port known as crypto exchange Huobi.
Reports by Analysts specifically mention that these bulks of Bitcoin have been transferred for over 24, 000 times. And not just simply transfer to a few addresses, but over 71, 000 addresses.
A detailed analysis by the firm confirms that the entire scam was made possible with the help of CoinJoin technology which is used in Wasabi Wallet. Because of this, tracking the transaction of funds was much rather difficult.