Bitcoin registered its single biggest daily loss since September 2019 after declining by 10% from $8,900 to $8,000 on Sunday. Bitcoin continued its decline today and at press time, it was trading at $7,705, according to data from CoinMarketCap.

Although this sharp price drop coincided with a bloody day in the traditional stock market, analysts claim there may be another factor fueling bitcoin’s sudden crash.

Trader Kevin Svenson claims this sudden crash is not one of the usual sell-offs, since the market is most likely taking a hit from a single whale. He attributed the market dump to the PlusToken Scammers. Svenson noted that, the PlusToken Scammers are fond of suppressing every bullish made by bitcoin.

#PlusToken Scam Moved Another 13,000 #Bitcoin's Yesterday … Worth $118 Million.



They also did something similar after #BTC crossed above 10,000 this year.



They are slamming the market with sell orders.



Essentially we have a giant whale unloading after every move up. — Kevin Svenson (@KevinSvenson_) March 8, 2020

A day before this crash happened, scammers in control of the remaining wallets of the PlusToken Ponzi scheme, moved 13,000 BTC (worth about $120 million that time) to mixers.

~13k in new PlusToken mixer deposits in last 24 hrs.



Almost all previous mixer deposit change has entered mixing, confirming my theory.



Distributions still on/off. Much slower than September and November.



New report and full sit rep imminent. pic.twitter.com/vwrBuVk272 — Ergo ∴TxIDs Or It Didn't Happen∴ (@ErgoBTC) March 6, 2020

It is believed that, these bad actors might have offloaded their holdings, causing prices to dump. Crypto traders use mixers to hide the source of a crypto transaction by outputting batches with different coins than are sent it.

This is not the first PlusToken has been accused of bitcoin’s sudden massive crash. Back in December, the crypto analytic giant, Chainalysis, linked PlusToken’s $3 billion scam to every major Bitcoin dump in the second half of 2019.

Notably, Chainalysis estimated that PlusToken still had 20,000 more BTC to offload. This means that until all their BTC holdings are offloaded, massive dumps like this are bound to happen again.

Featured image courtesy of Shutterstock.