China’s turn to sell? Massive $2 Billion Ethereum (ETH) transferred!
According to an intriguing revelation by Lookonchain, several dormant wallets that had been inactive for 3.3 years suddenly sprang to life and moved a staggering 789,533 Ethereum (ETH), equivalent to a whopping $2 billion in value.
Upon further investigation, Lookonchain uncovered that these ETH funds originated from the notorious “Plus Token Ponzi 2” wallet. Chinese law enforcement authorities had seized these assets while combating the rampant PlusToken Ponzi scheme.
In 2020, the Plus Token Ponzi 2 wallet had dispersed Ethereum to thousands of wallets, which subsequently remained inactive until recent activities commenced. The slumbering wallets have now sprung into action, initiating a deluge of ETH transfers.
Lookonchain’s report highlighted the astonishing movement of funds: “Hundreds of wallets that have been dormant for 3.3 years are moving large amounts of $ETH, possibly 789,533 ETH ($2 billion worth)! We noticed that hundreds of dormant addresses were transferring ETH. Through on-chain monitoring, we identified these funds as coming from the ‘Plus Token Ponzi 2’ wallet. Plus Token distributed 789,533 ETH from its Ponzi 2 wallet to thousands of wallets in 2020, and these wallets have not moved since April 2021. ETH transfers from these wallets started approximately 3 hours ago. It was seized by Chinese police during an operation against an Ethereum Ponzi scheme. Within the scope of the Plus Token operation, a total of 194,775 BTC ($11.2 billion), 833,083 ETH ($2.11 billion), 487 million XRP ($252 million), 79,581 BCH ($25.8 million), 1.4 million LTC ($3 million), 27.6 million EOS ($12.7 million), 74,167 DASH ($1.7 million), 6 billion DOGE ($609 million), and 213,724 USDT were seized.”
Recall that Chinese authorities previously confiscated Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), and numerous other altcoins, totaling a staggering value exceeding $4.2 billion, as part of their operation against the Plus Token Ponzi scheme. This fraudulent scheme defrauded over 2 million individuals, amassing more than 50 billion yuan ($7.6 billion).
It’s worth noting that this information is strictly for informational purposes and should not be considered as investment advice.