PlusToken Ponzi Scheme Perpetrators Preparing to Sell XRP
Cryptocurrency, News

PlusToken Ponzi Scheme Perpetrators Preparing to Sell XRP

It is not a new thing in the cryptocurrency space that XRP has been striving to obtain momentum within the previous few years. It is such that it has not been able to reverse its downtrend in spite of the remarkable rallies incurred by several of its peers from last year to 2020.

However, it seems it will continue to remain weak as the on-chain data reveals that a notorious scam ring is holding 485 million XRP at the moment.

Last year, the PlusToken Ponzi Scheme received massive attention worldwide because of its amazing cryptocurrency holdings and the perpetrators are currently moving Bitcoin and other cryptocurrency tokens between wallets. This point to the mixing of cryptocurrencies before they offload them on the open markets, possibly suggesting a forthcoming huge selloff.

If they sell off the cryptocurrencies it could have serious impact on XRP, as on-chain data suggests that the individuals behind the ponzi scheme hold an aggregate of 485 million tokens. If they dump the tokens onto the market, this could catalyze a massive selloff that sends the token’s value reeling lower.

Recently, data shows that they have moved an aggregate of about $500 million worth of cryptocurrency within the previous few days. When prices are better, there is greater liquidity which could explain their dormancy over the previous few months as the market recovers. The latest transactions of the ponzi scam perpetrators were revealed by Spencer Noon of DTC Capital:

“This week the following PlusToken funds have been on the move to exchanges and new addresses for mixing: – 22k BTC ($203m USD) – 789k ETH ($183m) – 26m EOS ($68m) – 20m XRP ($4m). The big question: can the crypto markets absorb this volume or are we headed lower?”

The gearing up for sales of XRP worth $4 million could be because of XRP’s lack of liquidity and its stagnant price action at the moment.


Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.