Plus Token Ponzi 2 Wallet Owner Has Transacted $2 Billion in ETH

Researchers at LookOnChain have recorded the movement of significant amounts of Ethereum (ETH) cryptocurrency from hundreds of different wallets that had been inactive for over 3 years. The owners of these storages began transferring a huge amount of 789,533 ETH, which is approximately $2 billion.

By analyzing blockchain data, experts were able to find out that these funds came from the original wallet, labeled as Plus Token Ponzi 2. It had previously distributed ETH to thousands of addresses in 2020. The storage has not been used since April 2021.

Local media reported at the time that the organizers of the criminal pyramid scheme had deceived more than 2 million people. They received more than 50 million yuan, or 7.6 billion. According to the data, PlusToken was officially launched in May 2018. Its creators advertised a cryptocurrency arbitrage trading platform. It promised users attractive daily payouts.

Some of the funds were reportedly seized by Chinese police during an investigation into the PlusToken scam. The procedure resulted in the confiscation of crypto assets worth over $4.2 billion. In November 2020, the court published information about the freezing of 194,775 BTC, 833,083 ETH, 487 million XRP, 79,581 BCH, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 6 billion DOGE, and 213,724 USDT.

The assets were seized from 7 criminals in a massive investigation that has become one of the largest cryptocurrency scams in history. The movement of such large volumes of ETH could significantly affect the cryptocurrency market, which has already attracted increased attention from analysts and investors.

Large transfers can cause price volatility and affect liquidity in the market. This situation is a reminder of the importance of caution and careful verification of the source of funds when dealing with cryptocurrencies, especially in the context of ongoing investigations and lawsuits related to fraudulent schemes.