December 22, 2019 Chainalysis’ investigation of PlusToken fund movements and market impact.

PlusToken is a China-based Ponzi scheme that accrued roughly $2B in cryptocurrency, primarily BTC and ETH, concluding in mid-2019 with the arrest of some of its alleged founders. This Chainalysis report details the complex obfuscation techniques that are being used to launder and cash out the funds, through mixing techniques such as CoinJoin and exchange through Huobi-affiliated OTC brokers which lack significant KYC procedures. Further, some recent cryptoasset price declines are correlated with the on-chain movements on the PlusToken funds.