Plus Token Ponzi Scheme Wallets Move $63M ETH After Years of Inactivity
Plus Token wallets have moved $63.1M ETH after three years of inactivity. Dormant funds were once captured by Bidesk and partially transferred to Huobi. The move could cause market panic; ETH is currently valued at $2,379.35.
In a shocking move, cryptocurrency wallets linked to the infamous Plus Token Ponzi scheme have moved an astonishing $63.1 million worth of Ethereum (ETH) after more than three years of dormancy.
The sudden shift in assets to 25,757 ETH has raised concerns about market volatility.
The wallet was last activated in 2021.
According to on-chain data analyst EmberCN, dormant wallets associated with the Plus Token Ponzi scheme were last activated in April 2021.
According to on-chain data, the Plus Token Ponzi scheme orchestrators previously moved 789,534 ETH in the “Plus Token Ponzi 2” wallet to the Bidesk exchange between June and September 2021 at multiple addresses. But the Bidesk exchange went bankrupt. In the year By the end of 2021, and forcing the tokens to be transferred to Huobi.
Most of the 789,534 ETH tokens were sold in 2021, leaving a small portion unsold. A portion of the remaining tokens are those that have moved in the past two days. In total, about 12 addresses received 25,757 Plus Token-related ETH worth $63.1 million over the past two days.
Part of these ETH will not be transferred to Bidesk in 2021. Part of it was removed from Bidesk but not transferred to Huobi.
This massive financial movement followed the collapse of the scheme and a crackdown by Chinese authorities that seized a number of crypto assets.
Plus Token Ponzi Scheme Crack
During the raid, Chinese authorities seized an estimated $4.2 billion in assets, including 194,775 Bitcoin (BTC), 833,083 ETH, 497 million Ripple (XRP) and 6 billion Dogecoin (DOGE).
The value of these assets has increased to approximately $13.5 billion, reflecting current market values.
The possibility of the Plus Token Ponzi scheme-linked wallets reactivating and offering them for futures sale could spark panic in the cryptocurrency market.
As of the latest updates, the price of ETH stood at around $2,379.35, seeing the least volatility so far.
However, market observers will be closely monitoring the situation to gauge its impact on Ethereum and broader crypto assets.
