A study by OXT Research shows that most of the bitcoins collected by the PlusToken pyramid were withdrawn through cryptocurrency exchanges that identify customers.
According to the report, pyramid organizers used mixing services to hide the origin of the coins. After that, the bitcoins were distributed to cryptocurrency exchanges, and those that require client verification (KYC) to withdraw funds.
“About 80% of the coins that went to the mixing services were distributed to exchanges. Currently, there are 33,872 BTC on these services, and 3,853 BTC are in the process of distribution. That is, there are now 37,725 BTC that have not yet been placed on cryptocurrency exchanges,” the researchers report.
Over the past 7 months, PlusToken organizers have sold $1.3 billion worth of BTC. Coin sales increase when the exchange rate of the first cryptocurrency increases and decrease when the cryptocurrency market is weak. In General, 70% of the BTC collected by the pyramid was sold. Accordingly, plustoken organizers will soon not be able to influence the market.
Interestingly, the main” recipients ” of BTC after mixing services were OKEx and Huobi exchanges. Both of these cryptocurrency platforms require customer verification to withdraw funds from the platform. At the same time, they claim to strictly follow the anti-money laundering rules.
Recently, the organizers of the pyramid transferred 13,000 bitcoins to mixing services. A day after that, the rate of the first cryptocurrency fell from $9,200 to $8,850, and continues to fall until now. Bitcoin is currently trading at $7,400.