Long-Dormant Wallets Tied to $4B PlusToken China Ponzi Moves 2.8K Ether
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 07 2024
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Source: Yahoo Finance
Movement of Seized Funds: Hundreds of wallets linked to the $4.2 billion PlusToken Ponzi scheme have begun transferring approximately 2,800 ETH, raising concerns about potential market pressure as these previously dormant funds are being consolidated into a single wallet.
Background on PlusToken Scheme: The PlusToken Ponzi scheme, which defrauded over 2 million investors and was seized by Chinese authorities in 2020, involved the confiscation of nearly $4 billion worth of various cryptocurrencies, including ETH and BTC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
