Data shows extent of plustoken BTC dumping on huobi

In the last few months, media reported on several occasions that Singapore-based crypto exchange, Huobi, had processed a huge amount of PlusToken withdrawals. Crypto market data firm, Coin Metrics, has recently presented some on-chain data to back those findings.

Data Confirms Huobi Has Been Used by PlusToken Scammers

PlusToken was one of the greatest ponzi schemes in the 10+ years history of the crypto market. The scheme operated mostly in South Korea and China. It acted as a digital wallet and crypto investment opportunity that offered high yield monthly returns in exchange for deposits in Bitcoin and other cryptocurrencies. In the end, scammers got away with about $3 billion worth of crypto funds.

At the end of August, blockchain analytics firm Elementus said that Huobi had processed almost half of all PlusToken withdrawals. Other…

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