• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
plustoken behind bitcoin rally

Is PlusToken Behind Bitcoin Bull and Bear Price Actions this Year?

Christine Vasileva
by Christine Vasileva
5 years ago
·
Posted in Bitcoin Price, Bitcoin, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The bitcoin price rally in the summer of 2019 may have been the work of PlusToken investors. The scam, highly influential in China, but largely invisible to Western traders and social media, benefited greatly from the hype and growing BTC prices.


Plus Token Raised Demand for Bitcoin in Early 2019

Dovey Wan, the co-founder of Primitive Crypto, is of the opinion that the PlusToken scheme may have manipulated the bitcoin market. The BTC crash in July is also ascribed to PlusToken emptying out its wallets through Huobi.

IMO PlusToken is the main force for both the bull and bear from April to YTD

What I can share publicly here

1. After CNY 2019 (Feb 5th) PlusToken on-ramp spike up significantly in Mar and Apr

2. Its team were arrested Vanuatu time on 6/25.. BTC crashed a day after https://t.co/WGvTLYmpgd

— Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) November 27, 2019

The observation coincides with other observers showing some of the PlusToken wallets were still shedding coins in November, leading to the recent crash from $8,500 down to the current levels.

PlusToken is also an Ethereum (ETH) whale, but the funds have not been moved from the wallet.

The narrative of PlusToken generating demand for bitcoin also matches the observation that the BTC price rally in June was an anomaly. Reaching highs in the middle of the year also meant the halving narrative kicked in earlier, and the effect of PlusToken was exaggerated.

The estimates see the elaborate crypto scam control at least 187,000 BTC, based on data of balances and gathering as much known wallets and addresses as possible.

So what is the current status of the PlusToken coins?

Here is a work in progress table showing my rough totals.

My current totals are around 187,000 BTC.

This analysis is not complete yet, but roughly confirms the previous 200,000 BTC estimates. pic.twitter.com/jqiGIR3xLr

— 🏴∴boxes full of pepe∴🏴 (@ErgoBTC) November 21, 2019

Previous estimations determined Plus Token scammed its investors out of around 200,000 BTC. The number of bitcoins is similar to the coins held in some of the largest exchange wallets. It is still uncertain how much of the funds are on Huobi.

The exchange now has the leading cold wallet for BTC, with above 220,000 coins. Huobi was the receiving exchange for multiple bitcoin transactions.

Cloud Token Currently Gaining Followers

The PlusToken initiative, however, is not the only Ponzi scheme making the rounds. Coinciding with arrests related to the scam, another promotion was made, for Cloud Token.

Owner of Cloud Token (Vote as you will): pic.twitter.com/g4gHw6i5w6

— BayAndroid (@bayandroid) November 27, 2019

Based on recent reports, the Cloud Token scheme is still operational and promoted actively to Chinese investors. So far, no arrests have been made, but the promotions also caught the attention of social media.

Ponzi schemes based on bitcoin usually look profitable and in good shape while prices are climbing. But crashing prices also mean the scheme would have to fold. On Wednesday, BTC saw selling pressures once again, dropping under $7,000 briefly. BTC recovered to $7,027.23, still potentially pressured by selling.

What do you think about the influence of PlusToken on the bitcoin market? Share your thoughts in the comments below!


Images via Shutterstock, Twitter: @DoveyWan, @ErgoBTC, @bayandroid

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christine Vasileva

Christine Vasileva

Follow

Christine Vasileva is a financial news and business writer, tracking the latest developments in fintech and the effect of blockchain and crypto-assets on global business and finance.

Full Profile

Related Posts

bitcoin

MARA Boosts Bitcoin Reserves By 373 BTC In September, Surpasses $6 Billion In Holdings

3 hours ago
Bitcoin

Bitcoin Jumps To $120K, Catapulting Strategy’s Holdings To Record $77.4 Billion

18 hours ago
World Liberty Financial

World Liberty Financial: Trump Jr. Defends Company Against Political Accusations

21 hours ago
Bitcoin

Bitcoin As The New Battleground—Sweden Signals Interest In Joining The Race

1 day ago
Tether wzmacnia rezerwy, kupując BTC warte miliard dolarów

Tether wzmacnia rezerwy, kupując BTC warte miliard dolarów

2 days ago
Binance bitcoin

Binance Founder Triggers Bitcoin Bull Run Expectations With Cryptic Tweet

2 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • The Quiet Market Shift Investors Might Be Missing: How Tapzi Is Challenging Institutional Favorites

    The Quiet Market Shift Investors Might Be Missing: How...

    16 hours ago
  • Investors Search for Long-Term Upside in This Under-$0.01 Crypto of 2025 Tapzi

    Investors Search for Long-Term Upside in This Under-$0.01...

    18 hours ago
  • MoonBull Presale Explodes with over 11,800% Projected ROI as Uptober Sends the Market Soaring

    MoonBull Presale Explodes with over 11,800% Projected ROI...

    20 hours ago
  • 狗狗幣引領『Uptober』Meme...

    1 day ago
  • ตัวละคร Snorter ขนฟูโต้คลื่นบนเซิร์ฟบอร์ดสีชมพู

    จับตา Uptober!...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.