According to blockchain analyst ErgoBTC, about $16 million worth of Ether from the Plus Token scam started flowing to exchanges this week, indicating an intention to sell it.
The Plus #Token Ponzi scheme, which defrauded investors in 2018-2019, resulted in Chinese authorities confiscating $4.2 billion worth of #cryptocurrency , including 833,083 #ETH .
According to ErgoBTC's latest analysis, about a third of the seized ETH was sold on the now-defunct Bidesk cryptocurrency exchange in 2021. The remaining roughly 542,000 Ether in thousands of wallets began moving in August and has been consolidated to 294 addresses.
This week, 15,700 Ether was moved, of which roughly 7,000 Ether ($16 million) was transferred to exchanges.
Given recent ETH re-masking efforts, it is unlikely that the active distribution of 15,700 ETH moved yesterday is the last of the 540,000 ETH, ErgoBTC of X said.
the Plus Token Fund's relocation sparked significant controversy in August this year.
the #blockchain tracker Lookonchain initially claimed that 789,533 inactive Ethers were moved from the Plus Token scheme on X's website.
Lookonchain removed the post after an EmberCN analyst reported that 268,843 ETH were sold on Bidesk in 2021 EmberCN claimed to have tracked 25,757 Ethers remaining on 12 addresses, with the majority of Ethers sold in 2021, the company added.
The Arkham Intelligence data platform provided its own analysis, estimating that 196,000 dormant Ethers associated with PlusToken began moving within 12 hours.
ErgoBTC's analysis is consistent with EmberCN's claim of approximately 269,000 Ethers in Bidesk, but detects Ethers from the scam in more than a dozen wallets.
Like Arkham's preliminary report, ErgoBTC found that the remaining 540,000 supposedly inactive Ethers began moving in August.
While the movement of 16 million Ethers is not a major shock to cryptocurrency supply, the potential movement of 540,000 Ethers worth about $1.3 billion represents a more serious selling pressure.
Read us at: Compass Investments
