$16 Million PlusToken Ether Moves to Exchanges, $1.3 Billion Sale Imminent

PlusToken Ponzi Scheme Ether Movement

Approximately 7,000 ether, valued at $16.7 million, from the notorious PlusToken Ponzi scheme, has been transferred to various exchanges. This movement may herald a complete sale of the total $1.3 billion in ether that was seized from the scheme, as reported by OXT Research analyst ErgoBTC on X.

Background on PlusToken

The PlusToken scheme, which operated in China, defrauded over 2.6 million investors between 2018 and 2019. A police action led to the confiscation of over $14 billion worth of cryptocurrencies, including bitcoin and ether.

Current Ether Distribution Trends

ErgoBTC noted that the recent distribution pattern of ether mirrors previous attempts to obscure transactions, similar to bitcoin movements in 2019. The analyst expressed a strong possibility of a full sale of the seized ether in the near future.

Details of the Recent Transfers

• On Tuesday, around 15,700 ETH were moved in a mixing process reminiscent of earlier activities in 2020 and 2021.
• Out of this, approximately 7,000 ETH were sent to several exchanges, including BitGet, Binance, and OKX.

Market Implications

ErgoBTC emphasized that the active distribution of ether could introduce a new supply overhang to the Ethereum market, significantly impacting prices.

Disclaimer: The Block is an independent media outlet delivering news and research. This article is for informational purposes only and is not intended as financial advice.