According to a well-known investor, Ponzi’s two largest alleged schemes in the history of the cryptocurrency industry may have led to the Bitcoin declines we’ve seen in recent months. It’s about OneCoin and Plus Token.
Are OneCoin and Plus Token cashing out after their exit scam?
After reaching the highest level of USD 14,000 at the end of June, Bitcoin fell by more than 50 percent, reaching its lowest level at USD 6,600. It took place exactly on November 25. Since then, the pioneering cryptocurrency has not returned to $ 14,000.
Travis Kling, founder and chief investment director at Ikigai Asset, recently said that there is a very specific reason why Bitcoin’s price is not rising. He thinks it’s because of the failing supposed pyramid schemes that realized their profits.
PlusToken. CloudToken. OneCoin.
We will likely look back on this period for BTC, when number didn’t go up while the macro backdrop was so exceedingly bullish, & realize with hindsight that it was bc of *billions* of dollars of selling pressure from exit scams.
Its that simple.
— Travis Kling (@Travis_Kling) December 9, 2019
Already in November, the media speculated that the creators of Plus Token flooded the market taken over from BTC investors. Over 22,000 BTC were paid out from one address during this period. That’s approximately more than 1,100 BTC per day. This represents only a small percentage of the 187,000 BTC owned by Plus Token.
OneCoin could turn out to be a similar threat to the market. This potential pyramid has received from investors around $ 4 billion (although the media also report lower amounts – around $ 2 billion). The exact number of BTC the project might have is not yet known, but Kling suggests that its creators have also been able to liquidate this property over recent months.
A new threat
In his comments, Kling also referred to the new project, which may pose another threat. It’s about Cloud Token.
The project offers its users almost passive income. They only have to deposit their cryptocurrencies on the company’s wallets and count their profits. It’s just that over the past few months, several users have reported that they were unable to withdraw their funds from the platform. Ronald Aai, director of technology at Cloud Token, revealed in a recent webinar that withdrawals have actually been interrupted. They will now be operated by an external company called Ribbons. However, the seed of market uncertainty has been sown …
It is very likely that potential fraudsters who have earned large amounts of BTC using the pyramid scheme have been able to lower their main cryptocurrency exchange rate over recent months. Let’s hope that next year will be happier in this respect for honest investors.