PlusToken Ponzi Scheme Wakes Up: $2.7 Trillion Worth of ETH on the Move

PlusToken Ponzi Scheme Wakes Up: $2.7 Trillion Worth of ETH on the Move

On-chain data analytics provider Lookonchain has reported that 789,533 ETH ($2 billion) have been on the move from hundreds of wallets that had been dormant for "3.3 years." Upon tracking these addresses, it was found that they were linked to the multi-level scam PlusToken. The PlusToken Ponzi 2 addresses had previously distributed the 789,533 ETH across thousands of wallets in July 2020, and had remained quiet since April 2021. The development comes after Chinese police investigating the PlusToken case seized 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 ($82.3 million), 27.6 million EOS ($12.7 million), 74,167 DASH ($1.7 million), 6 billion DOGE ($609 million), and 213,724 USDT. This recent movement of ETH has raised concerns that the scammers behind PlusToken may be attempting to cash out their ill-gotten gains. It is also possible that the funds are being moved to other wallets to avoid detection by law enforcement. The PlusToken scam was one of the largest Ponzi schemes in history, with an estimated 2 million victims. The scheme promised investors high returns on their cryptocurrency investments, but instead stole their funds. The scam was eventually shut down by Chinese authorities in 2019, and the alleged masterminds behind the operation were arrested. The recent movement of ETH from PlusToken-linked addresses is a reminder that cryptocurrency scams are still a major problem. It is important to be aware of the risks involved in investing in cryptocurrencies, and to only invest in projects that you understand.