Background

PlusToken, one of the largest Ponzi scams in crypto history, seized a large amount of cryptocurrency from investors before being busted in 2019. Chinese authorities seized PlusToken's assets, including billions of dollars in cryptocurrencies, including Ethereum.

Latest developments

  • Dormant Wallets Activation: After three years of inactivity, wallets associated with PlusToken were suddenly activated, transferring 820,000 ETH (worth approximately $2 billion) to various addresses. The event was detected by blockchain monitoring tools such as Lookonchain and Arkham Intelligence (Crypto Briefing) (blocmates. | Crypto News & Information).

  • ETH Dispersion: ETH is divided and dispersed to thousands of different addresses, creating concerns about market selling, which could lead to large downward pressure on prices.

Impact on the market

  • Panic: This large ETH transfer has caused panic in the crypto community. Investors are concerned that a large sell-off could send ETH prices plummeting, causing a domino effect that could affect the entire crypto market.

  • ETH Price Reaction: As the news broke, Ethereum prices came under pressure. Although the price remained around $2,480, tension and uncertainty remained.

Experts' views

  • Risk Assessment: Experts are concerned that if this ETH is sold, it could unbalance the market and push the price lower. However, there is also the view that the market can absorb this amount of selling if it happens over a long period of time and is carefully regulated.

Intervention capabilities

  • No official confirmation: So far, there has been no confirmation from the Chinese government on whether the coins were sold or not. However, the event has attracted attention and close scrutiny from the cryptocurrency community and financial regulators.

Conclude

The move of 820,000 ETH from a wallet linked to PlusToken has caused great concern in the crypto community. This could lead to downward pressure on prices if the funds are sold en masse. However, the market reaction will depend on how and how quickly this ETH is sold, along with regulatory and intervention measures from the authorities. #etherreum #Write2Win #Write&Earn