The Plus Token Ponzi Scheme Wallet Moves $63M in ETH After Years of Dormancy
After more than three years of inactivity, a cryptocurrency wallet tied to the notorious Plus Token Ponzi scheme has made a move, transferring $63.1 million worth of Ethereum (ETH).
The sudden activity of the dormant wallet, which involved the transfer of 25,757 ETH, has sparked fears of potential market instability.
The History of the Wallet
On-chain data reveals that the dormant Plus Token-associated wallet was last active in April 2021. Between June and September of the same year, the mastermind behind the Ponzi scheme shifted 789,534 ETH from the “Plus Token Ponzi 2” wallet to the now-defunct Bidesk exchange through multiple addresses.
While most of the ETH was sold in 2021, a few tokens remained unsold. Recent movements have seen approximately 25,757 ETH transferred over the past two days, representing a value of around $63.1 million.
The Impact on the Market
Chinese authorities cracked down on the Plus Token scheme, seizing assets worth $4.2 billion, including significant amounts of Bitcoin, Ethereum, Ripple, and Dogecoin. The reactivation of the Plus Token wallets and potential sell-offs could create market panic.
As of the latest update, Ethereum is valued at $2,379.35. While the price has remained relatively stable, observers are vigilantly monitoring the situation for any potential repercussions on Ethereum and the wider cryptocurrency market.
