Will Seized Chinese Assets Crash the Ethereum Again ?
Ethereum wallets associated with the notorious Plus Token Ponzi scheme have reactivated, transferring 820,000 ETH (worth over $2 billion) in the last 24 hours. Previously dormant for over three years, these wallets' activity has raised fears of a potential market crash.
### Dormant Wallets Shift $2 Billion in ETH
Blockchain analytics firm Lookonchain reported that these wallets moved approximately 820,000 ETH. These funds originated from a wallet linked to the Plus Token Ponzi scheme, which had been inactive since April 2021 after distributing a large sum of ETH in 2020.
### Chinese Authorities’ Involvement
In November 2020, Chinese authorities seized around $4.2 billion in various crypto assets, including those from the Plus Token scam. The assets, originally valued at $4.2 billion, are now worth about $13.5 billion due to increased asset prices.
### No Official Confirmation
There is no official confirmation of any action by the Chinese government regarding these assets. The reactivation of these wallets and the possibility of the Chinese authorities selling off the assets could cause market panic.
### Ethereum Amid Market Turmoil
Ethereum faces ongoing market challenges. Recently, Coinpedia reported that Jump Trading unstaked 11,500 ETH, valued at $29 million, from Lido Finance. Despite these issues, Ethereum's price holds steady at $2,480, with a market cap of $298 billion, remaining resilient amid market tensions.
❤️LIKE 🫂FOLLOW 🗳REQUOTE OR RESHARE
⌨️ COMMENT
🫂Remember: A lot of Hardwork goes into for providing you Best Investment Articles.Your Generous Tips would Empower our Mission and help us to work even Harder for you to give Best Investment Advice.
