BTC Worth Over $117M Associated With PlusToken Scheme Has Been Moved to Two New Addresses

BTC Worth Over $117M Associated With PlusToken Scheme Has Been Moved to Two New Addresses

By Tokenhell.com | Tokenhell | 12 Feb 2020


The vice president of research at Chinese blockchain security firm PeckShield Chiachih Wu Tweeted today and presented these two new blockchain addresses. These addresses are: “19bMszbozeHyjANgSyM9iyjsZU1sKsR6uM” and “1LT4ae84S8tCsZtrLCcz3Z38DGn1LnZ9op”.

New addresses look like Cold Wallets

Chiachih Wu further said that these two new addresses look like Cold wallets. By cold storage, it means that you are having private keys on a hardware device while being disconnected from the internet.

Also Read: Trump Budget Proposal For 2021 Will Engage the Secret Service to Tackle Cryptocurrency Related Fraud

According to the Vice president of PeckShield, out of the total moved bitcoins, the first address has over 11,999 bitcoins while the second blockchain address has over 424 bitcoins.

PlusToken scheme is a Crypto Scam

The crypto Ponzi scheme PlusToken is said to be one of the largest crypto scams circulating in the market. This crypto scam scheme has 4 million users. The estimations from blockchain analytics firm CipherTrace show that around $2.9 billion worth of users’ funds have been swindled by this fraudulent scheme.

Last August, Chinese police officials arrested six suspects that were affiliated with the PlusToken scheme.

Also Read: Ripple May Repeat 2019 High of $0.508 as XRP/USD Daily Chart Shows Positive Signs

Is Huobi exchange involved in PlusToken Scheme?

Two blockchain analytics firms Elementus and Chainalysis have arisen a surprising point in their PlusToken research and have claimed that the crypto exchange Huobi is involved in the PlusToken Scheme.

Chainalysis claims that almost all of the funds had been moved to the addresses of OTC (over the counter) brokers on the Huobi crypto exchange. Also, the Know-your-customer (KYC) requirements were not strict. While the other blockchain analytics firm Elementus found that almost 50% of all PlusToken withdrawals were sent to Huobi which show a strong bias toward this Chinese crypto exchange.

Also Read: UK Financial Watchdog Bans the Adverts of Chinese Crypto Investment Firm in London Tube


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Tokenhell
Tokenhell

Tokehell is a Google News Approved Blockchain & Crypto News Agency Where You Can Discover News About Cryptocoins, Technical analysis, Blockchain Events, Coin Prices Marketcap And Detailed Reviews on ICOs, IEOs. STOs.

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