PlusToken Scammers Could Dump $187 Million Ether, Report

Michael LaVere
  • Crypto wallets linked to Plustoken scammers at large moved $187 million ether on June 24.
  • Community members are concerned about the ether being dumped onto spot markets, leading to a price depression. 

A wallet connected to PlusToken has moved more than $187 million ether to different addresses, leading to concern that the coins will be dumped on the open market. 

According to a report by Bitcoin.com, wallets belonging to PlusToken scammers who remain at large moved 789,534 ETH ( around $187.8 million) on June 24. The scammers’ transactions have been tracked by crypto analytics firm Chainalysis and Cyphertrace since the alleged multi-billion dollar pyramid scam was exposed in 2019.

The report claims community members are concerned the $187 million ether may be dumped onto the market, leading to a depression in prices. Previous reports have linked PlusToken dumping on spot markets to bitcoin’s price skid at the end of 2019 and for fueling the crypto market crash on March 12, 2020. 

The most recent transaction involved the 789,000+ ETH being shuffled between fifty different ethereum addresses. In addition to ether, CypherTrace and Chainalysis claim the scammers still hold large amounts of BTC and EOS. 

Wallets linked to PlusToken were responsible for the transfer of $67 million worth of EOS on June 22, just days before the massive ETH transfer. The alleged Ponzi scheme is believed to have stolen over $3 billion worth of crypto from its victims.

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