Lookonchain reports the movement of large amounts of Ethereum (ETH) by hundreds of wallets linked to exit scam Plus Token that have been dormant for more than three years.
According to the blockchain analytics platform, these wallets have moved up to 789,533 ETH, valued at around $2 billion. Notably, these funds emanated from one of the wallets linked to the famous Asian exit scam, the Plus Token ponzi.
Chinese Authorities Seize and Distribute Plus Token Funds
Recall that in November 2020, Chinese authorities seized multiple crypto assets following a massive crackdown on the perpetrators of the Plus Token ponzi.
The seized crypto assets included 194,775 BTC, 833,083 ETH, 79,581 BCH, 27.6 million EOS, 487 million XRP, 1.4 million LTC, 213,724 USDT, 74,167 DASH, and 6 billion DOGE.
Notably, the tokens, which were worth $4.2 billion at the time, are now valued at nearly $15 billion. Following the crackdown, the Chinese authorities moved 789,533 ETH to an unlabeled blockchain address and later distributed the funds to hundreds of unknown addresses.
According to Lookonchain report, these wallets have been dormant since April 2021, approximately 3.3 years ago. However, the on-chain tracking platform revealed that the previously dormant wallets came out of hibernation earlier today to move the ETH.
Details of the Transactions
Notably, The Crypto Basic confirmed some of these movements. In particular, one of the addresses that received about 736 ETH from the seized funds came out of a 3.3-year hibernation to move all 736 ETH to another wallet today at 10:17 AM (UTC).
This recipient wallet received an additional 2,143 ETH from four other addresses affiliated with the Plus Token Ponzi funds within the same timeframe, bringing its total holdings to 2,879 ETH ($7,032). At press time, the funds are still in the wallet.
The reactivation of hundreds of dormant addresses and the movement of $2 billion worth of ETH by the Chinese government could cause panic among investors, leading to a decline in the asset’s price.
However, ETH has not shown signs of a correction in the hours leading up to press time. The second-biggest cryptocurrency was trading at $2,441 per token, up 0.79% in the daily charts.
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