Alert: $2 Billion Worth of ETH Moved from Dormant Plus Token Scam Wallets

CoinGrab Asia William
August 7, 2024
485 Views

Recently, Lookonchain detected significant activity involving hundreds of wallets that have been inactive for over three years. These wallets transferred a substantial amount of Ethereum (ETH), totaling approximately 789,533 ETH, which is valued around $2 billion. This sudden movement has been traced back to wallets associated with the notorious “Plus Token Ponzi 2.”

Source from CoinGecko

Back in 2020, during a crackdown on the Plus Token Ponzi scheme, Chinese authorities seized various cryptocurrencies including 194,775 BTC ($11.2 billion), 833,083 ETH ($2.1 billion), 487 million XRP ($252 million), 79,581 BCH ($25.8 million), 1.4 million LTC ($82.3 million), 27.6 million EOS ($12.7 million), 74,167 DASH ($1.7 million), 6 billion DOGE ($609 million), and 213,724 USDT.

The Plus Token Ponzi 2 had previously distributed these 789,533 ETH to thousands of wallets in 2020, and there had been no recorded movement in these accounts since April 2021 until now. The recent transactions from these dormant accounts have reignited concerns about potential market manipulation and regulatory issues surrounding the remnants of the Plus Token scam.

Disclaimer: The projections and information presented here are for educational purposes only and should not be considered financial advice. CoinGrab.Asia assumes no responsibility for any losses resulting from the use of this data. Readers are encouraged to perform their own research and proceed cautiously before engaging in any related activities.

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Author CoinGrab Asia William

William, originally carving out a career in Singapore's structured finance sector, made a pivotal shift to follow his passion for the dynamic and often turbulent world of cryptocurrency and financial markets. Now a distinguished cryptocurrency journalist and market analyst, William has authored over 800 insightful articles, making a significant mark in the crypto journalism field.Driven by a keen interest in the underlying mechanisms of the crypto world, William specializes in on-chain analysis, which involves examining transactions recorded on blockchains to gauge market trends and sentiments. His expertise also extends to dissecting events that trigger substantial market movements, providing his readers and followers with a deeper understanding of what drives fluctuations in cryptocurrency values.William’s contributions to the crypto community go beyond mere reporting. He regularly publishes opinion pieces that offer thoughtful perspectives on the latest developments and trends shaping the cryptocurrency landscape. His work not only informs but also enriches the dialogue within the crypto space, offering both novices and seasoned investors valuable insights into the complexities of market dynamics.

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