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Is China About to Dump $1.3B in ETH From PlusToken Seizure?
Recent insights from crypto researcher ‘FreeSamourai’ have raised alarms regarding the potential sale of approximately 7,000 ETH from the PlusToken seizure. This is part of a larger cache of 542,000 ETH, valued at around $1.3 billion. The recent transfer of these funds to exchanges suggests a possible intent to begin selling, although no major selloff has occurred yet.
What Was PlusToken?
PlusToken was marketed as a South Korean crypto exchange and wallet provider offering high-interest accounts, but it ultimately turned out to be a multi-billion dollar Ponzi scheme that collapsed in 2019. By the end of its operation, PlusToken had accumulated approximately 194,000 BTC and 830,000 ETH. In 2020, Chinese authorities seized crypto assets worth $4.2 billion related to the scam and arrested over 100 individuals involved.
Current Situation
While much of the seized BTC has already been sold, the recent movements indicate that some ETH was sent to a lesser-known exchange, Bidesk, likely for liquidation. The initial transfer of these funds back in August marked the first significant on-chain activity since 2021, raising concerns about potential market impact.
ETH Price Outlook
As Ethereum faces additional selling pressure, its price has dipped over 2% to below $2,400. The asset has struggled to break resistance at $2,700 while holding above support at $2,200. Continued selling, particularly if it includes the PlusToken ETH, could further strain prices.
Conclusion
While the future movements of the PlusToken ETH remain uncertain, the potential for significant market impact is clear. As Ethereum navigates these challenges, traders should remain vigilant.
Stay tuned for updates on this developing situation!
#Ethereum #PlusToken #CryptoNews #MarketAnalysis #Write2Earn!
Recent insights from crypto researcher ‘FreeSamourai’ have raised alarms regarding the potential sale of approximately 7,000 ETH from the PlusToken seizure. This is part of a larger cache of 542,000 ETH, valued at around $1.3 billion. The recent transfer of these funds to exchanges suggests a possible intent to begin selling, although no major selloff has occurred yet.
What Was PlusToken?
PlusToken was marketed as a South Korean crypto exchange and wallet provider offering high-interest accounts, but it ultimately turned out to be a multi-billion dollar Ponzi scheme that collapsed in 2019. By the end of its operation, PlusToken had accumulated approximately 194,000 BTC and 830,000 ETH. In 2020, Chinese authorities seized crypto assets worth $4.2 billion related to the scam and arrested over 100 individuals involved.
Current Situation
While much of the seized BTC has already been sold, the recent movements indicate that some ETH was sent to a lesser-known exchange, Bidesk, likely for liquidation. The initial transfer of these funds back in August marked the first significant on-chain activity since 2021, raising concerns about potential market impact.
ETH Price Outlook
As Ethereum faces additional selling pressure, its price has dipped over 2% to below $2,400. The asset has struggled to break resistance at $2,700 while holding above support at $2,200. Continued selling, particularly if it includes the PlusToken ETH, could further strain prices.
Conclusion
While the future movements of the PlusToken ETH remain uncertain, the potential for significant market impact is clear. As Ethereum navigates these challenges, traders should remain vigilant.
Stay tuned for updates on this developing situation!
#Ethereum #PlusToken #CryptoNews #MarketAnalysis #Write2Earn!