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Bitcoin Back Below $10k As $3 Billion China Ponzi Allegedly Dumps Crypto


Bitcoin is back below $10,000 for the first since July (testing below $9500 intraday before rebounding)...

Source: Bloomberg

Yesterday saw a big dump across all cryptos...

Source: Bloomberg

The broad-based selling has created the worst three days for Bitcoin since Nov 2018, and while immediate catalysts are unclear (as HK tensions, ARG chaos, and China currency turmoil remain), CoinTelegraph's Marie Huillet reports on one possible driver of the selling pressure.

Amid a downturn in the cryptocurrency markets, the apparent swathe of Bitcoin sell-offs from a $3 billion Chinese Ponzi scheme could be to blame.

On Aug. 14, Dovey Wan - founding partner of blockchain-based investment company Primitive Ventures - called attention to the ongoing mass sell-offs from the fraudulent Chinese investment scheme, dubbed PlusToken.

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