The founder and CEO of CYBR, Shawn Key, has claimed that crypto is “dying a well deserved death” with its recent downturn, and that the crash has left him “dancing”. Key also explained his theories about how much manipulation goes on in the crypto markets, and how the division of Bitcoin ownership means that it is no longer a level playing field for the average holder.
Key Outlines Crypto Manipulation
In a series of posts to CYBR’s Telegram group, Key put forward his theory that the current correction is more than just Bitcoin doing what Bitcoin does, or a reaction to the negativity showing in global markets, but was in fact “global financial warfare”:
This is the end of crypto. Not the end of the blockchain, but crypto is dying a well deserved death. Although I genuinely feel for the people losing hard earned money, I am dancing. And it should be obvious to anyone who does a small bit of due diligence.
Key then went on to explain that some six million of Bitcoin’s current 18 million circulating supply was in “limbo”, with 50% of the remaining Bitcoin owned by “the Chinese”, meaning that “15M out of 18M or 5/6th (81%) is owned by a nation state, thrives or are simply in the ether”.
Because of this, Key said, Bitcoin and cryptocurrency in general has become “the most fraudulent and manipulated “vertical” in the history of the financial world”, and that buyers should “buy at your own peril.”
PlusToken Selloffs Add to Manipulation Claims
Key also referenced the huge selloffs of Bitcoin from the PlusToken scammers, which have been associated with many Bitcoin dumps since news of their ₿200,000 haul emerged last August, and would appear to be playing a part in this week’s events following the news that the scammers moved ₿13,000 from their wallet to a mixer before, presumably, sending it to an exchange to sell.
Crypto is certainly heavily manipulated, which is the key reason why a Bitcoin ETF has yet to be granted, but the suggestion that we are witnessing the “death of crypto” is likely far-fetched, although if the price continues to drop we could see some very interesting reactions if miners begin capitulating, which will tell us a lot about Bitcoin’s short term strength.