March 28, 2024

Research: Bitcoin from PlusToken pyramid withdraw through exchanges with KYC procedures

A study by OXT Research shows that most of the bitcoins collected by the PlusToken pyramid werewithdrawn through cryptocurrency exchanges identifying customers.

According to the report, the organizers of the pyramidused mixing services to hide the origin of coins. After this, the bitcoins were distributed to cryptocurrency exchanges, and those where customer verification (KYC) is required to withdraw funds.

“About 80% of coins that went to servicesmixes were distributed on exchanges. Currently there are 33,872 BTC on these services, and 3,853 BTC are in the process of distribution. That is, now there are 37,725 BTC that have not yet entered cryptocurrency exchanges, ”the researchers said.

Over the past 7 months, PlusToken organizerssold BTC for $ 1.3 billion. Coin sales increase at the moment the first cryptocurrency exchange rate rises and decline when the cryptocurrency market is weak. Overall, 70% of the BTC collected by the pyramid was sold. Accordingly, soon PlusToken organizers will not be able to influence the market.

Interestingly, the main "recipients" of BTC aftersteel mixing services from OKEx and Huobi. Both of these cryptocurrency platforms require customer verification to withdraw funds from the platform. At the same time, they declare strict adherence to the rules on combating money laundering.

Recently, the pyramid organizers switched to servicesmixing 13,000 bitcoins. Just a day after this, the rate of the first cryptocurrency dropped from $9,200 to $8,850, and continues to fall to this day. Bitcoin is currently trading at $7,400.

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