The Untimely Devaluation of Ethereum
In the world of cryptocurrency, large fluctuations in the market are commonplace. At the same time, investors depend on accurate and timely information when making buy and sell decisions. That is why it was a bit frustrating to note that PlusToken recently took over $185 million of Etherum and moved it. This caused investors to feel that Ethereum was about to be massively devalued, leading to a major selloff that likely never should have occurred.
PlusToken is known for doing crazy things like this. In this latest instance, they worked hard to take Ethereum valued at 789,500 and move it out of the market. Thankfully, the system became congested and the move could not go through. Nonetheless, it still caused reverberations throughout the cryptocurrency market that could be felt around the world.
This move was to be valued at just under $186 million. PlusToken tried to do this by creating 50 separate transcations in an effort to hide what they were doing. It was at that point that Whale Alert noticed what was going on, but they were largely powerless to stop it because they did not know at the time where the money was coming from. It was only two days prior to this move that PlusToken essentially took more than $66 million of EOS for themselves.
Perhaps as a result of crazy moves like this, PlusToken has since been taken down. At the same time, the damage that they caused remains. The entire cryptocurrency industry continues to feel the effects as a number of holdings have since been liquidated. PlustToken still has much of the assets that they have stolen, which means that these fund threaten the stability of the market even further. Bitcoin and Ethereum, for example, are still subject to massive selloffs, impact prices all over the markets.
Crypto Currency continues to increase in popularity around the globe. As the number of investors increases, so does the risk of massive devaluation when large selloffs such as the one pulled off by PlusToken occur. We can only hope that watchdog groups are able to spot such activity befre it occurs in the future.