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Crypto SCAMS are causing the DUMP (Plus Token, HEX) - YouTube
Channel: Boxmining
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hey everyone it's Michael and welcome
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back to box mining today we're going to
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discuss a rather depressing issue which
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are crypto currency scams and if they
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are the culprit behind why there's red
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painted on the cryptocurrency walls
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behind me as you can see today we got
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most of the coins going down
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everything's pretty much in red and in
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terms of the much broader picture as
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well we've got Bitcoin prices dropping
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by more than 50 percent in the past six
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months
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take for example in July we were hitting
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highs of $14,000 for a price of Bitcoin
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and now as of just today we're dropping
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to near a mere six thousand six hundred
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likes so there is selling pressure and
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today we're going to look at the top
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three culprits as to why there is a
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negative image we're gonna take a deep
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dive at the evidence behind this as well
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because the largest scam that happened
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this year plus token it literally
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scammed more than two billion dollars
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worth of cryptocurrencies and there is
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evidence linking that to major so offs
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and dips in prices of Bitcoin we're also
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gonna look at the new currency hex it's
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gathering a lot of negative attention
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and that also causes a decrease more
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kind of negativity in the space and
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finally why you want to stay to the end
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is we'll talk about topic that no one
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else is talking about which is what's
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happening in China because even though
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China is embracing blockchain they are
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stamping really hard on cryptocurrencies
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and it's causing a lot of fear in
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Chinese people as well so make sure you
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stay to the end to find out what's
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really happening and as always guys I'm
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a Content cryptocurrency related content
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every week so make sure you're
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subscribed to this channel click that
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little notification bell you tube kind
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of changed your algorithm so
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unfortunately if you're not on a
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notification squad you'll be missing out
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on some of the latest news that's really
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happening and shaping up on the market
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so let's start off with plus token
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because this is making a huge impact on
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the market so if you guys don't know
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what plus token is it's a cryptocurrency
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related scam that scammed over three
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billion dollars in July or June of July
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when it closed down of this year it's
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literally called the big connector of
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Asia mainly because it uses pretty much
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the same strategy it duped investors
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into believing that they're making this
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huge investment that is very low risk
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and guarantees very high returns in fact
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they were promising 9 to 18 percent
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monthly returns on investment which is
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outright insane and when this Ponzi
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scheme closed down it would took over
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three billion dollars worth of crypto
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with it so what they have in total is
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180,000 Bitcoin 6.4 million Eve 1100
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thousand USD T so as of this today that
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sum is around 2 billion dollars so it
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already took roughly a 33 percent hit
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after the market kind of tumble it down
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a bit so two to three billion dollars
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depending on when you measured a date
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and what's interesting is chain alysus
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they track down the addresses so they
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roughly found 800,000 efj and in terms
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of the ephah counts so what's happening
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when what's scary about it is that
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790,000 Eve that's sitting untouched in
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a theory on wallet and yep that means
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that there might be some sell pressure
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on Eve - and in terms of Bitcoin is
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45,000 that they managed to track in
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terms of what they're doing with the
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45,000 Bitcoin what they're doing right
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now is they're trying to launder that
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fund as much as they can so we know that
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bitcoin is trackable and what they're
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doing is they're spreading it over
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multiple wallets they're essentially
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writing these BOTS to send it into many
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as many different wallets as possible
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and then you can actually see these
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visual graphs of it just being spread
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out and then being combined together as
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the hackers or
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the original fraudsters as they try to
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launder the money and convert it into
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cash now that's a lot of cell pressure
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we do know what two billion dollars on
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the market was it might not sound a lot
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like if you look at coin market Capcom
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there's some it reports twenty five
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billion dollars of trade volume for a
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day that's not the best way to look at
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crypto volumes rather you want to look
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at buy support so something like Bitcoin
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I'm quite market book.com this sums up
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the amount of buy orders on reputable
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exchanges and right now the sum is only
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at two hundred and sixty nine million
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dollars so yeah if you try to sell a
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billion dollars on the market that's
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gonna have a drastic effect on the price
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of Bitcoin now obviously these two
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metrics matrices are not perfect by
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support and the trade volume you know
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trade volume can be inflated and by
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support doesn't show the hidden buy
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orders and OTC markets but it gives you
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idea that a billion dollars really
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doesn't matter so what's happening right
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now
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so the scammers Dave have already dumped
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twenty five thousand dollars with a
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Bitcoin and there's actually attempts to
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try to look at how they're dumping that
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and we'll talk about that in a second
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and how that affected Bitcoin prices but
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what's happening right now is that
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there's still 20,000 Bitcoin left that
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they haven't touched so far and they're
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tryin to launder into cryptocurrency
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exchanges the example given by chain
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alice's is Hobbie OTC because OTC Zaroff
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exchangers they don't exactly need to
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tell us what's going on it makes it a
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little bit hard to trace offense but
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nonetheless what they did at chain
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alysus is they follow the unchained
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volume and then they looked at where
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downward pressure occurred so if you can
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look at this chart for example it near
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September the first of this year they
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saw a huge cash out of around thirty
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four million dollars in terms of Bitcoin
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and then you saw a sharp downward price
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pressure that followed after the entre
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movement so this is actually do
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direct evidence relating the cashing out
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of stolen funds by plus token fraudsters
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and a downward pressure on the price of
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Bitcoin now as you can see the
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relationship isn't that strong so for
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example on November the first the
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downward pressure that came doesn't
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directly follow the initial on chain
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transaction cent so it's not always 100%
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and in terms of the mathematical
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calculations that they done
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they found a spas --iv less small
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significant statistically significant
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relationship between plus token
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transfers to a hobby OTC breakers or
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brokers so that's point number one
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so plus token definitely did have a
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significant statistically significant
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I'll be a small negative impact on the
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price of Bitcoin now next we have hex
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which has been discussed a lot in the
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cryptocurrency landscape like I've been
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looking at conversations for this past
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week and a lot of people have been
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rightfully console calling hex as a scam
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now in terms of investment amount it's
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not the biggest amount possible but what
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I think really hex is having a negative
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impact on is confidence in this space
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because unfortunately with hex it's your
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classic get-rich-quick scheme I mean a
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lot of the wording on the website if you
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look at it
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it's constantly talking about very
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strong returns on investment every day
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if you just kind of like let me look at
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this hex is the opportunity of a
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lifetime designed to do over 10,000 X
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returns in under 2.5 years now you can
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see some similarities between plus and
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hex in the sense that plus they're
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promising high returns low rescue
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investors and the same thing goes here
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you have high return on investors you
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can see in terms of hex you know that
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what they're saying is oh there's no
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risk at all but the biggest problem of
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course is hex to fiat there's no
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guarantee the hex will go up or even
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retain the same amount of value it's all
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money paid by investors through the
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adoption amplifier that's what they're
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calling it
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that doesn't go back
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to kind of increase the value of hex or
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go back to hex holders that go straight
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to an address an in theorem dressed a
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privately theorem address that we all
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know Richard Hart owns so many senses
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that's not a Ponzi because well pawns
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easily pay back investors but here you
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don't even get paid back and that's the
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insanity of it only one address one
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person gets paid that's Richard Hart and
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I think the reason why we see a lot of
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noise talking about hex is because
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Richard Hart he's got a history of being
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called the spam master in the past he's
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been building spam bots creating noise
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for himself and he knows exactly how to
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create that attention so the fact that
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we see there's discussion talking about
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hex it could be all manufactured by one
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person because well it doesn't really
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take many BOTS you know to make a lot of
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noise and especially right now in this
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period where we don't have that much
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news it's easy to dominate the news and
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the other discussion topic is that
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there's a lot of
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aetherium already Network activity being
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sent to these hex origin addresses but
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one thing I plan out is that this
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doesn't have to be real users or real
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people it could be just one person
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namely Richard Hart he could be sending
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himself that money to give the illusion
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of success and it's something that we
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have to be very mindful of even though
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we see transparent transactions that are
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going into his addresses that are buying
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hex we have no guarantee that these are
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real people and real supporters so the
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last topic it relates to China so right
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now China and Essex its operations in
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crypto operations they're in a state of
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fear that's because China they're
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releasing their own national currency
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called de Sept and we have the article
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on D step here what it is and what
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what's trying to do essentially is a
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Chinese fiat version digital fiat but
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because it's based on cryptocurrency
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technologies China is pushing very hard
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to block other cryptocurrency
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technologies and exchangers so what we
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have here is that recently Shenzhen they
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banned 39 crypto exchanges in China
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operating China and taking on Chinese
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customers now this
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it's getting scary and scary to people
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involved because if any exchange takes
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on Chinese customers they're essentially
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in trouble with the government now we
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see the exchanges that we know right now
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like finance ok hobby they adamantly
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claim they're not taking on Chinese
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customers but because of the state of
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fear and because of people trying to
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protect their identities this
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information discrepancy between what's
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really happening and what we know is
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happening that gap is really growing so
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it's really hard for me to talk about as
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well because I know a lot of people in
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China and I don't really want them to
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get into any sort of trouble of
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themselves what I have to say is right
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now that there is significant pressure
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from the Chinese government to
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essentially erase other cryptocurrencies
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other than D Sept so that's gonna be
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something that's gonna be a pressure
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that's gonna be building up for the next
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half a year at the very least whilst
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ecept is about to launch and the Chinese
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they want to make a good impression for
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the Queen and not to get mixed and
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mingled with other cryptocurrencies so I
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think this is something that's gonna be
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building up over time and we're gonna
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hear less and less news about China just
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because anyone who really talks about it
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they will be put on the radar as well so
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you just have to read between the lines
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in this case alright so yes a lot of
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negative things happening said those are
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the three culprits leading to the
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decline in cryptocurrencies what I do is
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have to say is this I mean as much and
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as bad as things can sound sometimes
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remember 2019 when that bull market was
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starting well we had the biggest scams
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like big connect pushing out at full
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fury scamming people actively destroying
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lives now we're much more aware and I
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think the good news now is that we're so
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aware of these scams and patterns that
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people are so fast to react and just
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kind of helped other people to get out
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of really scamming situations so that's
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a positivity of it it's the fact that we
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are much more aware than before at the
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end of a day you got to know what the
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core technology is what value it's
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bringing to those world
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if it doesn't have value if you don't
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understand what's really happening
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someone says oh I got our training but
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that's making money magically then ya
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match money doesn't appear magically we
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gotta all be aware of it and what I
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think is that this all has a perch and
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go before we move forward so the fact
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that we're getting this out of the way
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that's always a positive anyways I know
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it's it's still not the most part of the
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video that I've ever made tomorrow we're
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gonna talk about what the kind of
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positive outlooks we have to worse
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cryptocurrencies and I hope you can stay
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tuned for that and guys thank you so
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much for watching this episode
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remember to always click the little
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subscribe button down below so you can
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subscribe to this channel get updated
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with cryptocurrency news and hit the
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little notification bell as well and if
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you guys know of any other scams are out
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there that's kind of crashing things
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down leave a comment make it ourselves
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our whole community more aware of what's
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going on thank you guys so much for
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watching see you next time
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