A $3B Ponzi Scheme is Supposedly Selling-off Hundreds of Bitcoin
By Mark Lemon – Cryptocurrency Professional
During a downturn experienced in the cryptocurrency markets, reports have emerged that a $3 billion Chinese Ponzi scheme selling Bitcoin could be the culprit.
Founding partner of blockchain-based investment company Primitive Ventures, Dovey Wan, called to attention on this massive sell-off from this huge scheme known as PlusToken.
PlusToken was established back in mid-2018 and had promised high yield investment returns at various rebate percentages to its four tiers of members, which is a typical Ponzi scheme structure. At the beginning of 2019, the project claimed to have over 10 million members.
Wan has attached data on just about every wallet address, including Bitcoin, Ether, and EOS that are linked with PlusToken and has made an urgent call to all over-the-counter platforms and exchanges to have them blacklisted. This means any user that tries to sell crypto from this scheme to exchanges will be seized.
She reports that two months ago, the Chinese police team had arrested an important team member of the scheme and also said that investors were scammed out of an astonishing $3 billion. If these culprits looked to cash out Bitcoin it would have a significant negative effect on the markets.
Wan has also attached investigative data from security audit firm Peckshield, showing money flowing from PlusToken’s wallet as early as July, which is when the sell-offs are assumed to have started. Though the offenders were able to scam people out of their money, they can’t so easily hide it on the blockchain.
Many companies can track transactions linked to illicit activity with analytics software and the majority of transactions on blockchains are completely traceable. You just need to know the wallet associated with the illicit activity.
You can sell Bitcoin UK over on our platform through your trusted Bitcoin broker, so make sure you check us out.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
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For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
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