The recent revelation on the movement of Bitcoin from PlusToken’s account has received confirmation from the blockchain analysis of Bitcoin. Pickshield inc., a blockchain security company that also provides research on existing projects reported that more than 5000 BTC was moved from associated PlusTokens account.

Dovey Wan Brings Attention to PlusToken Accounts on Twitter

Dovey Wan, a crypto-analyst who brought it to the attention of crypto-Twitter, stated “they [Scammers] are moving their funds [Bitcoins] into small batches into exchanges, like 50-100BTC per batch” on 14th August 2019. The marked public addresses of the scammed tokens were also brought into attention, while the research firms were notified.


The information took a drastic turn as the media outlets attributed Bitcoin’s price dump below $10,000 caused by the dumping. Wan also reported that about 1000 BTC were found to be deposited in Bittrex and Huobi earlier.

Reportedly, Peckshield and Chainalysis are working on tracking the funds in wallets associated with PlusToken wallets. According to Peckshield’s most recent findings,

As reported earlier on Coingape, PlusToken scammers are behind bars now, having been deported to China this year. However, the Bitcoins are still at large.

Furthermore, the recent bull run on Bitcoin from the last couple of months has also been attributed to the 200k worth cryptocurrencies being purchased after selling PlusToken. However, it will be challenging to determine the truth behind these theories.

BTC Linked with PlusToken Accounts Being Monitored Globally

Nevertheless, the Exchange has been alerted, and the Bitcoins from the concerned addresses are continuously being monitored, globally.
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If the scammers are successfully able to dump the entire amount, it can cause a massive plummet in the price of Bitcoin. However, as the addresses are marked at the moment, the funds can be locked there forever, therefore, reducing the circulating supply of Bitcoin, which could push the price.

Hence, while the price could react in several ways, the priority of crypto-community should be to stop the spending of these ill-found funds. A coordinated effort from Binance, Huobi, Bittrex, and other Exchanges who might be receiving the funds along with research firms can possibly stop the heist from being converted to cash.

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