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Aug 7, 12:19 PM
Dormant Wallets Linked to PlusToken Ponzi Move 789,533 ETH Worth $2 Billion
China
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Dormant Wallets Linked to PlusToken Ponzi Move 789,533 ETH Worth $2 Billion

Authors
  • CoinDesk
  • Arkham
  • The Block
14

Hundreds of dormant cryptocurrency wallets have begun transferring significant amounts of Ethereum (ETH), amounting to approximately 789,533 ETH or $2 billion. These funds are linked to the PlusToken Ponzi scheme, specifically from the "Plus Token Ponzi 2" wallet, a major cryptocurrency scam that was dismantled by Chinese authorities in 2020. The wallets, which had been inactive for 3.3 years, are now moving the seized assets. The transfers have raised concerns about potential market impacts due to the large volume of ETH involved. The PlusToken Ponzi scheme, which operated between 2018 and 2019, defrauded investors worldwide of between $2 billion and $2.9 billion. Chinese police had seized over $12 billion from the scam, and the current movements are part of these confiscated assets. The total value of the PlusToken Ponzi scheme was estimated to be around $4.2 billion.

Written with ChatGPT (GPT-4o).

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