Lookonchain Who? ETH $2B Returned By 2021 – EmberCN

Independent analysts have debunked a recent social media post claiming that “hundreds of dormant wallets” linked to a multi-billion dollar crypto scam have begun exchanging nearly $2 billion in Ether.

In a now-deleted August 6 post to X, blockchain analytics service Lookonchain initially claimed that wallets connected to TokenPlus had begun exchanging some 789,533 ETH — worth $1.8 billion at current prices.

As it turns out, the amount may be much less than the original.

A series of investigations from Chinese crypto data label EmberCN argue that Loonchain's original post was inaccurate. He saw most of the ETH sold in 2021.

In the year In an Aug. 7 post to X, EmberCN wrote that “the majority” of the 789,500 ETH Lookonchain was referring to was sent to British Virgin Islands-based crypto exchange Bidesk between June and September 2021.

EmberCN added that they tracked down “about 12 addresses” linked to Plus Token and concluded that approximately 25,757 ETH – worth $63.1 million – had been transferred in the past 24 hours.

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Lookonchain deleted the original post and has not yet published an official explanation or retraction of the original information.

Blockchain analytics platform Arkham Intelligence also posted to X regarding the movement of PlusToken-linked ETH transfers, claiming that Token Plus-linked wallets were moving $450 million worth of ETH.

However, a closer look at the data shared by Arkham shows little in the way of activity from the main Token Plus wallets, with nearly $12 million in ETH transfers reflected in the past 12 hours.

Cointelegraph contacted Arkham Intelligence but did not receive a response by the time of publication.

Plus Token – a Chinese crypto wallet app that was once operational between 2018 and 2019 – is one of the most accused crypto Ponzi schemes ever. Investigators found that the investors were defrauded of up to $2.9 billion.

In July 2019, Chinese police arrested six people involved in the Plus Token project in Vanuatu and extradited them to China to face criminal charges.

One of the main leaders of the Plus Token project – an individual known as Zhou – is facing criminal charges in China, according to local media reports from 2020.

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