7,000 ETH Moved to Exchanges as Crypto Faces a Potential $1.3 Billion Earthquake

7,000 ETH was recently moved to exchanges, potentially indicating the liquidation of the entire $1.3 billion in ETH seized from the PlusToken Ponzi scheme. OXT Research analyst ErgoBTC revealed that the moves suggest an intent to sell the remaining 542,000 ETH seized from the scheme. The distribution of ETH follows a similar pattern to the sale of Bitcoin seized from the scheme, pointing towards a potential full liquidation of the remaining holdings. PlusToken, a Chinese pyramid scheme, defrauded millions and saw authorities seize $14 billion worth of cryptocurrencies. The majority of the seized Bitcoin was sold between August 2019 and March 2020. The scheme’s ETH remained untouched until 2021, when a portion was sent to an exchange and likely sold. The remaining funds were recently moved to deposit addresses, with 7,000 ETH sent to known exchanges.