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PlusToken Warning: $14 Billion Movements Detected in Ether
On August 7, 2024, over $2 billion in ETH was moved from inactive PlusToken wallets, alarming blockchain analysts.
PlusToken Warning: $14 Billion Movements Detected in Ether
A surprising development in the cryptocurrency world took place on August 7, 2024, when several wallets linked to the well-known PlusToken scam moved large amounts of Ether (ETH). This movement pattern has caught the attention of blockchain analysts and raises questions about the future treatment of the funds.
The background to the PlusToken scam
The PlusToken scam, which began in May 2018, is one of the biggest financial scandals in the crypto world. The platform promised users high returns on deposits of $500 or more in cryptocurrencies. Between April 2018 and June 2019, PlusToken managed to attract more than 2.6 million members, who invested a total of about 50 billion yuan (approximately $7.6 billion). In September 2020, penalties ranging from fines to 11 years in prison were imposed on 15 people in the fraud trial in China as part of an extensive investigation. Chinese authorities seized a massive cryptocurrency fortune during this operation, originally valued at $4.2 billion in 2020 and now valued at over $14 billion.
Movements of blocked funds
On the morning of August 7, 2024, analytics platform Lookonchain can track significant transactions from the “PlusToken Ponzi 2” wallet, which previously distributed 789,533 ETH, equivalent to approximately $2 billion, to various addresses. Some of these funds were moved to the now inactive crypto exchange Bidesk and then to the Huobi platform between June and September 2021 before the current transaction. An analysis by EmberCN showed that only 12 addresses received PlusToken-related ETH in the last 30 hours, totaling about $63.1 million.
Market impact and the uncertainty of funds
The recent moves have had a noticeable impact on the cryptocurrency market. According to Arkham, close to $464.7 million in Ether was transferred from wallets linked to PlusToken in just 12 hours. This sudden move caused Ether price to fall by 2% to $2,474. Other digital currencies also experienced similar declines as a result of these events. The exact motive for the transfers remains unclear, and there is speculation whether the funds remain under the control of Chinese authorities. The authorities had confirmed in 2020 that the funds should be “pursued in accordance with the law” and returned to the state budget, but without providing further details about how the confiscated funds would be handled.
conclusion
The sudden movements of funds tied to one of the largest fraud cases in crypto history could have far-reaching consequences. The uncertainty about the future treatment of the seized funds and the associated market reactions are important for both investors and analysts. It remains to be seen how the situation will develop and what measures the authorities will take to restore confidence in the crypto market.