Cryptocurrency News Today – Massive BTC Selloff Linked to Crypto Scams – March 9

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  • The two largest crypto scams ever, linked to the recent massive selloff
  • Scammers are unloading onto the crypto market
  • Payout of stolen BTC could trigger fresh selling pressure

Cryptocurrency News Today – Bitcoin and the rest of the crypto market are still feeling the effects of the latest massive selloff. The digital currency market was looking fairly bullish during the early days of February 2020. However, things appear to have turned to the ugly side too quickly.

Amid the bullish fundamentals of the market, one reason for the current state of things is the selling pressure caused by scammer activity. According to one independent research, PlusToken Scam coins have now risen once more. Even though the distribution of such coins may be lower than it was last year, it is safe to say the sell-off remains significant.

PlusToken Scammers Have Risen

According to an earlier report, 20,000 BTC were moved to a single large address after which it was distributed to smaller accounts. On another occasion in the smaller addresses, tokens were moved as well. After this, the final transactions on the affected addresses were logged onto on the 6 and 7 of March. In total, no less than about 187,000 BTC and other cryptos like ETH were moved in the above-mentioned scam. Towards the end of 2018 (in August precisely), this scam created massive selling pressure. It happened around the period when some Bitcoin was sent to a mixer. Additionally, on 3, March 2020, no less than $100 million worth of ETH were moved by malicious individuals. Hence, it is quite evident that these Cybercriminals are unloading tokens from the digital asset market.

A Repeat of the Past

Additionally, the MT Gox settlement is now approaching its end. All trustees and creditors involved in the debacle are currently liable to no less than 141,000 BTC. This was reportedly left from a total of 850,000 BTC hack. One of the leading on-chain analysts’, David Puell had initially warned about a possible crypto market selloff in March due to the hack. Per reports, a settlement of 88% in USD has been proposed to settle victims of the hack. Meanwhile, the New York-based Fortress Investment Group will still stake claims on the entire 141,000 BTC by paying the affected investors.

Fortress claims that will make the payout after acceptance in three days. This move could cause much selling pressure to come into the crypto market, on the acceptance and announcement of reimbursement. However, another large chunk of BTC is entangled in a separate lawsuit between CoinLab and Tibanne. Both entities entangled in the lawsuit claim major portions of the tokens

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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