- Speculations of Ripple Dumping its XRP holdings like PlusToken scam
- Is PlusToken Like Ripple?
For a while now, PlusToken has been dumping its stolen BTC steadily on the market for months. Though, one analyst claims that an evaluation can be made to Ripple’s 1B monthly token unlock. The PlusToken scam has become quite popular in the crypto sphere. Since becoming popular in June 2019, it was declared that the stolen funds estimated to about $3B. The majority of these crypto-assets were Bitcoin, and the scammers supposedly have some 180,000 BTC or about 1% of the whole circulating supply.
Ever since then, the PlusToken scan has continued to dump on the market non-stop. So far, it is estimated that 25,000 BTC has been sold and there is still about 20,000 BTC left to sell-off. The scam is dumping some 1,300 BTC on the market daily. It has been blamed for influencing the price movement of Bitcoin, with Huobi taking the major fall for allowing the scammed BTC to be sold off.
Is PLUSToken Like Ripple?
A prominent crypto analyst Alistair Milne claims that PlusToken scam is similar to Ripple (XRP). According to him, the company manages an uneven amount of XRP in circulation and has been “dumping it slowing on HODL’ers.” To him, it is the same trend as PlusToken scam.
“Imagine PlusToken having the majority of Bitcoin in their wallet, constantly dumping it slowly on HODL’ers. I’ve just described Ripple. …who has just raised $200million for ~2% of their ‘business’.”
Ripple indeed unlocks a hug sum of 1B XRP as a standard protocol monthly. The company recently unlocked another 1B XRP on December 1st going by their schedule. At the current prices, that is $225M being unlocked monthly. According to the company, the purpose of this is to “accelerate the XRP ecosystem,” but it is ambiguous why hundreds of millions of dollars are required monthly to achieve this.
Though the PlusToken scan seems egregious since it was stolen, Ripple deserves to be inspected. According to Messari, Ripple’s quarterly “Transparency Reports’ depend solely on “inconsistent and vague methodologies.” For example, the report for July 2019 discovered that XRP’s circulating supply surged by 11.5% in the past six months, while its API declared it only increased by 4.5%.
XRP (XRP) Price Today – XRP / USD
Also, there are issues on Jed McCaleb’s holdings. The estranged Ripple co-founder has some $20B in XRP that was bestowed to him and his family. So far, he has been selling them off in the market steadily and it is uncertain how much is remaining.