{"id":408035,"date":"2019-12-19T21:00:12","date_gmt":"2019-12-19T21:00:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=408035"},"modified":"2019-12-19T18:56:35","modified_gmt":"2019-12-19T18:56:35","slug":"ethereums-fundamental-strength-takes-a-hit-as-plustoken-scammers-continue-dumping","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereums-fundamental-strength-takes-a-hit-as-plustoken-scammers-continue-dumping\/","title":{"rendered":"Ethereum\u2019s Fundamental Strength Takes a Hit as PlusToken Scammers Continue Dumping"},"content":{"rendered":"<p>Yesterday was an overwhelmingly bullish day for the cryptocurrency markets, with Bitcoin posting a large surge from its lows of $6,400 that led Ethereum (ETH) and most other major altcoins to climb as much as 10%.<\/p>\n<p>This upwards momentum was somewhat fleeting however, and Ethereum\u2019s retrace from its recent rally may stem from the ongoing sale of ETH from the ring leaders on the defunct PlusToken Ponzi scheme, which could significantly damage the crypto\u2019s price for years to come.<\/p>\n<h2><strong>Ethereum Rally Stalls as PlusToken Moves ETH Holdings<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/ktsl888.com\/2019\/12\/12\/ethereum-price-targets-9-month-low-as-defi-markets-strengthen\/\">Ethereum<\/a> is trading down marginally at its <a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" rel=\"nofollow\">current price<\/a> of $127, which marks a notable decline from its daily highs of $134 that were set at the peak of the recent rally experienced by the aggregated crypto markets.<\/p>\n<p>This rally, and subsequent retrace, has largely been guided by Bitcoin, which surged all the way up to $7,500 yesterday before losing its strength and dropping back down to $7,150.<\/p>\n<p>One factor that perpetuated ETH\u2019s retrace and could signal that it will soon see significantly further losses is the fact that the now defunct Chinese Ponzi scheme \u2013 PlusToken \u2013 <a href=\"https:\/\/ktsl888.com\/2019\/08\/23\/largest-crypto-ponzi-in-history-research-shines-light-into-scale-of-plustoken\/\">reportedly<\/a> has hundreds of thousands of <a href=\"https:\/\/ktsl888.com\/2019\/12\/14\/ethereum-could-plummet-to-lower-100-level-if-bulls-fail-to-hold-key-support-level\/\">Ethereum<\/a> that they are offloading directly onto the markets.<\/p>\n<p>A recent tweet from Whale Alert noted that 789,525 ETH was transferred from a PlusToken wallet to an unknown wallet, signaling that they may be looking to market sell all, or a portion, of these tokens.<\/p>\n<blockquote><p>\u201c789,525 #ETH (105,099,509 USD) transferred from PlusToken to unknown wallet,\u201d they pointed out.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8  789,525 <a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#ETH<\/a> (105,099,509 USD) transferred from PlusToken to unknown wallet<\/p>\n<p>Tx: <a href=\"https:\/\/t.co\/9kTSZy7Y1G\" rel=\"nofollow\">https:\/\/t.co\/9kTSZy7Y1G<\/a><\/p>\n<p>&mdash; Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/42596096?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 19, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Will PlusToken Ravage ETH\u2019s Fundamental Strength for Years to Come?<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>The massive amount of Ethereum held by the ring leaders behind the PlusToken scheme may provide significant downwards pressure on ETH\u2019s price for years to come, suppressing any potential bullishness and engaging in manipulative trading.<\/p>\n<p>Su Zhu, the CEO of Three Arrows Capital, mused this possibility in a recent tweet, explaining that they could effectively manipulate the markets surrounding ETH forever with their massive holdings.<\/p>\n<blockquote><p>\u201cThe PlusToken scammers&#8217; social media account in China now claims credit for the movement. What if they just use their $ETH transactions to PnD the market forever? \u2018hi, who wants to buy 200k eth from me?\u2019 \u2018brb, about to go lvg long eth on DeFi\u2019 \u201810k eth to tornado, actually nvm\u2019\u201d he noted while referencing a video where one of the PlusToken scammers attempts to explain their token transactions.<\/p><\/blockquote>\n<p>https:\/\/twitter.com\/zhusu\/status\/85244672?s=21<\/p>\n<p>Although the market\u2019s reaction to the potentially bearish developments surrounding Ethereum have been tempered thus far, it is a possibility that this fundamental bearishness will generate massive fear amongst investors and possibly lead to a prolonged bear market.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday was an overwhelmingly bullish day for the cryptocurrency markets, with Bitcoin posting a large surge from its lows of $6,400 that led Ethereum (ETH) and most other major altcoins to climb as much as 10%. This upwards momentum was somewhat fleeting however, and Ethereum\u2019s retrace from its recent rally may stem from the ongoing sale of ETH from the ring leaders on the defunct PlusToken Ponzi scheme, which could significantly damage the crypto\u2019s price for years to come. Ethereum Rally Stalls as PlusToken Moves ETH Holdings At the time of writing, Ethereum is trading down marginally at its current price of $127, which marks a notable decline from its daily highs of $134 that were set at the peak of the recent rally experienced by the aggregated crypto markets. This rally, and subsequent retrace, has largely been guided by Bitcoin, which surged all the way up to $7,500 yesterday before losing its strength and dropping back down to $7,150. One factor that perpetuated ETH\u2019s retrace and could signal that it will soon see significantly further losses is the fact that the now defunct Chinese Ponzi scheme \u2013 PlusToken \u2013 reportedly has hundreds of thousands of Ethereum that they are offloading directly onto the markets. A recent tweet from Whale Alert noted that 789,525 ETH was transferred from a PlusToken wallet to an unknown wallet, signaling that they may be looking to market sell all, or a portion, of these tokens. \u201c789,525 #ETH (105,099,509 USD) transferred from PlusToken to unknown wallet,\u201d they pointed out. \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 789,525 #ETH (105,099,509 USD) transferred from PlusToken to unknown wallet Tx: https:\/\/t.co\/9kTSZy7Y1G &mdash; Whale Alert (@whale_alert) December 19, 2019 Will PlusToken Ravage ETH\u2019s Fundamental Strength for Years to Come?\u00a0 The massive amount of Ethereum held by the ring leaders behind the PlusToken scheme may provide significant downwards pressure on ETH\u2019s price for years to come, suppressing any potential bullishness and engaging in manipulative trading. Su Zhu, the CEO of Three Arrows Capital, mused this possibility in a recent tweet, explaining that they could effectively manipulate the markets surrounding ETH forever with their massive holdings. \u201cThe PlusToken scammers&#8217; social media account in China now claims credit for the movement. What if they just use their $ETH transactions to PnD the market forever? \u2018hi, who wants to buy 200k eth from me?\u2019 \u2018brb, about to go lvg long eth on DeFi\u2019 \u201810k eth to tornado, actually nvm\u2019\u201d he noted while referencing a video where one of the PlusToken scammers attempts to explain their token transactions. https:\/\/twitter.com\/zhusu\/status\/85244672?s=21 Although the market\u2019s reaction to the potentially bearish developments surrounding Ethereum have been tempered thus far, it is a possibility that this fundamental bearishness will generate massive fear amongst investors and possibly lead to a prolonged bear market. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":408038,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[6664,8323,1946],"class_list":["post-408035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Ethereum\u2019s Fundamental Strength Takes a Hit as PlusToken Scammers Continue Dumping<\/title>\n<meta name=\"description\" content=\"Ethereum\u2019s retrace from its recent rally may stem from the ongoing sale of ETH from PlusToken, which could damage the crypto\u2019s price for years to come.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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