According to Primitive founder, Dovey Wan, the latest Bitcoin sell-off is down to a major Chinese ponzi scheme. Little known outside of China, PlusToken scammed over 200k BTC and 800k ETH, which are now hitting exchanges in batches. Not Another Bitcoin Ponzi Scam Started mid-2018, PlusToken was a classic Ponzi scheme offering high-yield investment return. There were four layers of membership structure, offering increasing dividends. By early 2019, it had a claimed 10 million members. Correction,Read MoreThe post Chinese Ponzi Scam Floods Exchanges And Hits Bitcoin Price appeared first on Bitcoinist.com.