The Impact of Plus Token Ponzi Scheme Wallet Moving $63M in ETH
In a surprising turn of events, a cryptocurrency wallet associated with the notorious Plus Token Ponzi scheme has recently transferred $63.1 million worth of Ethereum (ETH). This wallet had been inactive for over three years, leading to concerns about potential market volatility. The sudden movement of 25,757 ETH has raised red flags among investors and analysts alike.
History of the Dormant Wallet
The dormant wallet linked to the Plus Token Ponzi scheme was last active in April 2021, as reported by on-chain data analyst EmberCN. Between June and September 2021, the mastermind of the Ponzi scheme transferred a significant amount of ETH to the now-bankrupt Bidesk exchange. The majority of these tokens were sold off in 2021, with a small portion left unsold. In the past two days, approximately 25,757 ETH were transferred to various addresses, sparking renewed interest in the scheme.
Chinese Crackdown and Market Impact
Following the collapse of the Plus Token scheme, Chinese authorities seized billions of dollars’ worth of assets, including Bitcoin, Ethereum, Ripple, and Dogecoin. The reactivation of Plus Token wallets and the possibility of further sell-offs could potentially lead to panic in the cryptocurrency market. As ETH is currently priced at $2,379.35, market observers are closely monitoring the situation to gauge its impact on Ethereum and other digital assets.
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Overall, the movement of funds from the Plus Token Ponzi scheme wallet has reignited concerns about the stability and security of the cryptocurrency market. Investors are advised to stay informed and cautious in light of these developments.
