What is the reason for the recent Bitcoin Sell Off ?
Would you believe that a Altcoin Ponzi-Scheme led to the Crypto Market Sell-Off? Yes that's what has happened now.
The Ponzi-Scheme is based on the cryptocurrency called PlusToken .
PlusToken was created in the year 2018 pretty much after the end of the previous Bull-run.
It has been reported that almost 10 Million members were in the Scheme.
And a Total amount of $ Billion was laundered from the users.
Even Though Chinese police hunted down a core team member of the scheme two months ago they still haven't found the people who have access to the wallets that contain the scam amount.
It is said that the Scammers are transferring their Cryptocurrencies into Fiat through the exchanges.
A group of Block chain analysts have been employed to closely watch similar transactions in order to trace those scammers.
It is said that they have been moving the BTC in lots of 50-100 at a time.
This shows the transactions followed by the scammers.
It is also said that these scammers currently hold Bitcoin , Ethereum and EOS in their wallets.
This has been the major reason for the Recent Bitcoin Sell-off as said by the Cryptocurrency Experts
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