A new report on the PlusToken Ponzi scheme shows regulated exchanges are being used to dump coins, despite stringent Know Your Customer (KYC) identify verification rules.
Investigative company OXT Research has released a second edition of their in-depth blockchain analysis on the PlusToken scam.
The report explained PlusToken funds generally moved from unmixed allotments and locations, to mixers. After mixers, the funds saw consolidation, and then finally distribution. OXT’s report said:
“Approximately 80% of coins entering mixing have been distributed while up to 33,872 BTC remain in the mixer and 3,853 BTC are in the distribution process, resulting in a total of 37,725 BTC that have entered mixing, but not yet been distributed.”
Around $1.3 billion worth has been sold off in the past seven months with the report noting that distribution increases into market strength and “pauses” with market weakness. OXT found that nearly 70% of the total hoard has been distributed to date meaning that “most of PlusToken's market effects have largely passed.”
A large amount of coins ended up on OKEx. “OKEx is a newly labeled and significant coin destination having received nearly 50% of February distributions,” the report stated, adding that Huobi also remains one of the most significant coin destinations. Read More...