$105 Million: Chinese Ponzi Scheme PlusToken Moves 780,000 ETH Stash


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Those behind the alleged Ponzi scheme PlusToken, which is said to have taken $2 billion from unsuspecting investors, have moved their 780,000 ETH stash, worth about $105 million, to an unknown wallet.
The transaction was detected by the Twitter bot monitoring large cryptocurrency transfers Whale Alert, which notified its followers 789,525 ETH moved froe PlusToken wallet.
On social media various users started predicting a dump on the price of Ethereum because of the transaction. PlusToken is believed to have been behind Bitcoin’s sell-off this year, as those behind it have allegedly been dumping their collected BTC since August of this year.
A report published by Chainalysis earlier this year even found that the “criminals behind the PlusToken Ponzi scheme could be driving down the price of bitcoin when they liquidate their stolen funds via OTC Brokers.” The report came out as bitcoin fell below the $7,000 mark this month.
PlusToken has reportedly been able to liquidate its funds by selling the BTC these over-the-counter brokers, who then sold the funds via cryptocurrency exchanges, with Huobi being named by a few outlets. So far, those behind the scheme successfully laundered $185,000 worth of BTC and $1.3 million worth of ETH this way.
It’s believed the near 800,000 ETH transaction was sent from PlusToken’s wallet to an address owned by one of the individuals behind it. The funds are currently sitting on the address they’ve been sent to, and haven’t been split.
The market appears to be reacting to the transaction with caution. While the price of bitcoin is currently up by 4.46% in the last 24-hour period, with EOS, BCH, and LTC also being in the green, Ethereum’s price is down nearly 0.5% in said period, as one ETH is trading at $126.9.
Featured image via Pexels

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