According to a recent post by Lookonchain, numerous dormant wallets have suddenly become active, transferring a total of 789,533 Ethereum (ETH), valued at approximately $2 billion. These wallets had been inactive for 3.3 years before this unexpected activity.
Source of the Funds
Lookonchain's investigation revealed that these funds originated from the "Plus Token Ponzi 2" wallet. These ETH were initially seized by Chinese police during their crackdown on the PlusToken Ponzi scheme. In 2020, the Plus Token Ponzi 2 wallet distributed Ethereum to thousands of wallets, which have remained inactive until now.
Recent Activity
Activity has resumed in these previously dormant wallets, with thousands of ETH transfers being made. Lookonchain reported, "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."
On-chain monitoring confirmed that these funds are indeed linked to the Plus Token Ponzi 2 wallet. The Ethereum transfers from these wallets began approximately three hours ago.
Background on Plus Token Ponzi Scheme
The Plus Token Ponzi scheme was a major fraudulent operation that deceived over 2 million people, amassing more than 50 billion yuan ($7.6 billion). During the operation against this scheme, Chinese police seized a significant amount of cryptocurrency, including:
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)
213,724 USDT
These assets were part of the massive haul from the Plus Token Ponzi scheme, which was one of the largest cryptocurrency frauds in history.
Conclusion
The recent movement of $2 billion worth of Ethereum from dormant wallets linked to the Plus Token Ponzi scheme raises questions about the future actions of these funds. As the crypto community watches closely, the implications of this activity could be significant for the market. The Chinese authorities' involvement and the potential liquidation of these assets might influence Ethereum's price and market dynamics in the coming days.
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