Elementus: PlusToken Crypto Pyramid Dwarfs BitConnect And OneCoin
Elementus experts analyzed transactions of the multi-billion dollar cryptocurrency pyramid PlusToken on the Ethereum blockchain.
According to their calculations, the fraudulent scheme was able to attract about $ 2 billion in Ethereum from 800,000 participants. It is known to have also made extensive use of Bitcoin, XRP and EOS. Thus, the real amount of funds collected by PlusToken can easily outshine other well-known cryptocurrency pyramids such as BitConnect, OneCoin and MMM, the authors note..
As shown in the histogram above, investors suddenly stopped sending PlusToken deposits around block 8,040,000 that was mined on June 27th. On this day, information appeared about the arrest of several members of the scheme.
820,000 ETH out of 10 million PlusToken collected has not been moved since June. The remaining 9 million ETH were transferred to 248,000 different addresses, however, significant volumes of cryptocurrency transactions are associated with only a few thousand of them.
It is not known which part of these transfers was initiated by investors, and which by the organizers of the scheme. However, most of the ETH was sent to exchanges, with 45% only to one – Huobi.
“In our opinion, the unusually high payout concentration does not in any way imply any atrocity on the part of Huobi. At the same time, the question of why so many PlusToken participants decided to transfer their profits to this particular exchange remains open, “the authors of the report write..
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