Whale Alert detects 789,525 Ethereum transferred by the South Korea-based PlusToken scam. Now, the community fears that an Ethereum price dump could is imminent.
December 19, 2019, | AtoZ Markets – A few hours ago, the Whale Alert Twitter account detected a large amount of Ether (ETH) transferred from PlusToken to a wallet with an unidentified owner. The sum totaled 789,525 ETH, which is around $105 million.
Since one of the explanations of the recent Bitcoin price decline was a dump of BTC on the market by the South Korean PlusToken Ponzi scheme, some in the community now fear that the already low price of Ethereum may start dropping further too.
PlusToken dumps Bitcoin on the market
Recently, the crypto expert Jacob Canfield shared some screenshots from the Whale Alert Twitter page, showing large BTC transactions. He said that this was likely to be PlusToken sending their stolen-from-customers Bitcoin to crypto exchanges.
Technical analysis, he tweeted, is not very reliable when a Bitcoin scam, such as PlusToken, is dumping on the market.
A month ago, the price of the flagship cryptocurrency dropped below the $8,000 level. Since then, it has been going down to $7,000. A few times it has briefly dived below $7,000 too, most recently yesterday, but now it is back above this support level.
Furthermore, as per a report by Chainalysis, PlusToken has been gradually cashing out the $2.9 bln in crypto they have stolen from their customers through OTC traders on the Huobi exchange.
Is Ethereum price going to decline?
Since now $105 million in Ethereum has been released by PlusToken, as Whale Alert says, some in the comment thread seem to fear that the Ether price may follow the suit of BTC and start going down.
At the time of writing, the price of Ethereum is trading at the $126 level, the TradingView data says.
In another news, the UK’s longest-running cryptocurrency exchange Coinfloor announced its plans to delist Ethereum 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.
What do you think about PlusToken Ethereum transfers? Share your thoughts in the comments section below!