Cryptocurrency markets are on edge. Wallets linked to the infamous PlusToken Ponzi scheme have suddenly stirred. These accounts had been quiet for over three years.
On Wednesday, hundreds of wallets moved thousands of ether. The funds are tied to the $4.2 billion PlusToken scam. On-chain data shows over 2,800 ETH landing in a single wallet.
LookonChain, an on-chain tracking firm, raised the alarm. "Hundreds of wallets that have been dormant for 3.3 years are moving large amounts of $ETH, possibly 789,533 $ETH($2B)," they posted on X.
CoinDesk verified these movements. They used Arkham, an on-chain analysis tool. The ether traced back to a wallet that seized $2 billion worth of ETH in 2020.
This activity has sparked chatter among crypto enthusiasts. Many worry about potential sell pressure on the market. It's got folks on X buzzing like crazy.
The PlusToken saga isn't new. Chinese authorities cracked down on it in November 2020. They seized nearly $4 billion in various tokens. This haul included ETH, bitcoin, dogecoin, and xrp.
The scheme was massive. It reportedly fleeced over 2 million investors. Cryptocurrencies were used as a funding channel. The scam had grown to over 3,000 layers at its peak.
Authorities arrested 27 alleged masterminds months before the seizure. But the crypto world is still feeling the aftershocks. This recent wallet activity shows the PlusToken ghost still haunts the market.