More

    Biggest Ponzi Scheme PlusToken Moves $105 Million Worth of Ethereum

    • Ethereum price trading at Dec. 2018 level
    • Now, PlusToken moving 789,525 Ether has the market in fear of an upcoming selling pressure
    • However, Ethereum DeFi’s user numbers rose by a whopping 529% this year

    The biggest $3 billion Chinese-Ponzi scheme PlusToken might be the reason behind the 50% drop in Bitcoin price from its 2019 high of $13,900. But now, the Ponzi could put selling pressure on Ethereum as well.

    Whale Alert, that tracks large crypto transactions from and to exchanges reported of 789,525 Ether worth over $105 million being referred from PlusToken to an unknown wallet.

    Interestingly, the transfer of such a big amount only cost the scammers $0.18.

    789,525 Ether on the Move

    In late June of this year, Chinese authorities arrested a handful of leaders of this Ponzi scheme that involved stealing 800,000 ether of its customers, reported the blockchain analysis company, Chainalysis in its new report.

    It pointed out that out of these 800k Ether that has been transferred by scammers at their own addresses to launder. They already cashed out at least 10,000 while 790,000 has been sitting untouched in a single Ethereum wallet for months until now.

    Now, they are on the move and people are wondering the impact this kind of sell pressure will have on Ethereum's price which is trading at $126.

    ETH Price already at Dec. 2018 Level

    The price has seen a slight increase after yesterday's carnage that took us to $118 level, last seen in December 2018, the crypto winter.

    The continued losses have the second-largest cryptocurrency turning its YTD gains into losses. Ether is down more than 7% in 2019 to date and 92% from its all-time high of $1,570.

    ETH price down 7% YTD, Source: TradingView

    Meanwhile, Ethereum Defi Users sees Growth Explosion

    Recently, we also got to know that the Ethereum Foundation sold 70,000 ETH at the top. Ethereum co-founder revealed this in an interview that he urged the EF to do this. Buterin himself sold 30,000 ETH in Dec. 2017 as well.

    In another news, the UK’s longest-running cryptocurrency exchange Coinfloor announced its plans to delist the digital asset next month. The unclear future of hard forks has been the reason behind this decision as Ethereum’s upgrade, “could take years to complete,” said Obi Nwosu, founder and CEO of Coinfloor.

    Despite all this, the original smart contract platform leads the sector. Also, its dapp ecosystem has been growing in the second half of 2019. This has been especially because of DeFi whose user numbers have risen by 529% this year. The latest report from DappRadar reads,

    “The headline success was in the DeFi category, which although remaining small in terms of users, experienced spectacular growth in terms of the value of asset secured.”

    Ethereum (ETH) Live Price

    1 ETH/USD =$160.4529 change ~ -4.35%

    Coin Market Cap

    $17.55 Billion

    24 Hour Volume

    $2.36 Billion

    24 Hour VWAP

    $164

    24 Hour Change

    $-6.9838

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,260FansLike
    2,721FollowersFollow
    4,100FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Hacker Noon To Embed Blockchain Tech Into Its Blog, Allowing More Interactions With Readers

    Hacker Noon, a knowledge website, announced they will launch on a blockchain, shortly after leaving Medium for calls of centralization. The official announcement from...

    US Finance Giant Bottomline Testing Ripple’s Disruptive Technology

    Bottomline Technologies processes trillion dollars in payments every year and operates in 92 countries The idea is to update the company's software mode...

    SEC Strikes Against Yet Another Unregistered ICO to Recover $147,000 ‘Ill-Gotten' Gains

    In January, U.S. SEC has gone after 3 Initial Coin Offerings (ICO) SEC files complaint against Opporty and its sole owner Sergii Grybniak...

    Payment Provider Square Wins US Patent For Real-Time Crypto-To-Fiat Automatic Swaps

    Square has been awarded a patent for a payment network that will allow individuals holding various types of of assets to transact with each...

    The Bakkt Consumer App Will Do More Than Just Crypto Investing: Pres. Adam White

    Intercontinental Exchange’s CEO, Adam White announced the launch of its retail app in 2020. The app will tilt towards the traditional financial system...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.