The Plus Token Ponzi Scheme Wallet: A $63 Million Ethereum Movement
- After three years of inactivity, the Plus Token wallet moved $63.1 million in ETH.
- The portion of dormant funds once held in Bidesk was transferred to Huobi.
- The move could trigger panic in the market; ETH is currently worth $2,379.35.
In a dramatic development, a cryptocurrency wallet linked to the infamous Plus Token Ponzi scheme has moved $63.1 million worth of Ethereum (ETH) after being dormant for more than three years. The sudden transfer has raised concerns about potential market volatility.
Recent Activity of the Wallet
According to on-chain data analyst EmberCN, the dormant wallet associated with the Plus Token Ponzi scheme was last active in April 2021. Between June and September 2021, the mastermind of the scheme transferred a significant amount of ETH to the now-bankrupt Bidesk exchange.
The reactivation of Plus Token wallets linked to the Ponzi scheme and the possibility of future sell-offs could trigger serious panic in the cryptocurrency market, especially with the significant amount of assets confiscated by Chinese authorities.
Impact on the Crypto Market
This sudden movement of $63.1 million in ETH could have a notable impact on the market. As of the latest update, the price of ETH stands at $2,379.35. Market observers are closely monitoring the situation to gauge the potential implications on Ethereum and other crypto assets.
With the history of fraudulent activities surrounding the Plus Token Ponzi scheme, investors and traders are advised to exercise caution and stay informed about developments in the crypto space.
