Cryptocurrencies
Chinese Crypto Scam Unwind Suggests Bitcoin Risks Extending Drop
- Chainalysis has been tracking PlusToken related sales
- Pyramid scheme promised investor returns of as much as 600%
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Bitcoin may have a tough time getting out from under the fallout from one of the biggest cryptocurrency scams ever, according to researcher Chainalysis Inc.
The largest cryptocurrency is likely to remain under pressure as perpetrators of the estimated more than $2 billion PlusToken scandal dump coins to cash out, the New York-based firm said Monday in the wake of a five-month investigation that continues to track the tokens as they filter through various blockchain ledgers.