PlusToken moved $186 million worth of Ethereum, leading investors to fear a dump in ETH price

As AZCoin News reported, earlier this week, one of the largest fraudulent cryptocurrency markets of PlusToken attempted to move 789,500 ETH. However, this event is temporarily hindered by congestion issues in the Ethereum network.


PlusToken sales lead to ETH and BTC adjustments

Just two days before this latest development, PlusToken also transferred the stolen amount worth $ 67 million. Despite being dismantled last year, PlusToken still damages the cryptocurrency industry by liquidating holdings and holding large amounts of Bitcoin and other assets like Ether and EOS. Due to holding too many cryptocurrencies, the cryptocurrency market is always in a state of anxiety whenever PlusToken moves unexpectedly.

Previously, at the Black Thursday event, many people believed that PlusToken was also one of the reasons for dumping Bitcoin on spot markets. However, according to blockchain analysis firm Blockchain Chainalysis, BTC movements from PlusToken to exchanges have slowed a lot ahead of the Black Thursday crash. Therefore, these two events are almost unrelated.

Still, many people still do not believe that these two events are related to each other. Therefore, they still blame PlusToken. As cryptocurrency options and futures continue to grow in popularity, the risk of a severe drop caused by a significant sell-off becomes greater because it is likely to cause long-term price pressures on Ether.

In this instance, the Ethereum network acted as a temporary bottleneck for the scammers as the transaction was stalled due to network congestion, which is ironically a very small silver lining in the current scalability issues being faced by the second biggest blockchain network.

However, the most significant deterrent to the liquidation of the PlusToken fund must be the KYC standards.

While it’s hard to say what PlusToken scammers will do next, traders will closely monitor the expiring Ether options and spot prices at exchanges to see if the scammers have the Try to pour into the open market after it expires or not.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like