The post China transfers 7,000 ETH connected to the PlusToken scam appeared on BitcoinEthereumNews.com.

A crypto researcher has revealed that the Chinese government transferred 15,700 ETH linked to the multi-billion PlusToken Ponzi scheme from its wallets and 7,000 ETH to crypto exchanges, raising concerns over imminent liquidations. Chinese whale wallets came to life for the first time in 2021. A researcher on X flagged that the wallets have transacted 15,700 ETH in the last 24 hours. Approximately 7,000 ETH (worth $16 million) of the remaining 542k ETH ($1.3 billion) was moved to wallets associated with exchanges, raising suspicion of an intent to sell. Some of the exchanges labeled by the researcher include Binance, Bitget, and OKX. In early August, the remnants of ETH seized from the multibillion dollar PlusToken scheme awoke on-chain for the first time since 2021. Over the last 24h about 7k ETH of the remaining 542k ETH ($1.3b) was sent to exchanges indicating intent to begin selling the remaining tokens. pic.twitter.com/tu2o7y4o4L — ∴FreeSamourai∴ (@ErgoBTC) October 9, 2024 The crypto market showed signs of a slowdown on Wednesday following the news. Bitcoin opened the day at $62k before dipping to $60k during U.S. trading hours. On the other hand, ETH plummeted 3.2% on the same day. Bitcoin is exchanging hands for $60,775, down 2.56% in the last 24 hours. ETH has been down 2% in the last 24 hours and is trading at $2,393 at the time of this publication, according to Coinmarketcap. PlusToken defrauds investors of $4 billion PlusToken went bust in mid-2019, prompting the Chinese authorities to crack down and arrest the orchestrators. The ringleaders were arraigned in court and found guilty of defrauding investors. The Chinese court sentenced the perpetrators to eleven years in prison in December 2020. The government confiscated $4 billion worth of crypto in November 2020, which was linked to the multi-billion PlusToken Ponzi scheme scam.…

---

Filed under: News - @ October 10, 2024 7:18 am