PlusToken Scam Just Moved a Large Portion of Their ETH Holdings

Whale Alert has reported another wave of Ether (ETH) transfers connected to popular PlusToken Ponzi scheme scam.

PlusToken was a Chinese based cryptocurrency Ponzi Scheme, that was paraded as a  legal cryptocurrency wallet to attract many cryptocurrency investors who were hoping to receive returns.

According to Whale Alert, a live tracker for large crypto transactions, a total of 789,533 ETH ($190,050,469) was moved from an unknown wallet to another unknown wallet a few hours ago.  Whale Alert further noted that the transaction, which occurred at exactly 13:54:59 UTC, June 24, 2020, was associated with PlusToken. 

Etherscan records show that after the sum of 789,533 ETH was moved from wallet address 0x0f953ef137ee0894cc06383ccb1ef77e76660b5a, the wallet was left with 0.9985888 ETH, indicating that the wallet was left near empty.

The receiving wallet 0x4e8b0939986e2df0304714159e7146fa56ab273b then transfered 35,135 ETH to 25 different unknown addresses with each transfer carrying between 8 to 190 ETH. 

After pulling off an exit scam in 2019, stealing about $2.9 billion in different cryptocurrencies, PlusToken became one of the largest scams in the crypto industry.  The Ponzi scheme has been moving the stolen funds from between unknown wallets over the last seven months.

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In May, Coinfomania reported that a small amount of 0.000123 ETH ($0.02) was transferred to the PlusToken address from one unknown wallet. Though insignificant, that transaction may have been a testing ground for today’s move.

PlusToken still holds 0.7% of all Ether (ETH) in existence and could influence price action heavily if offloaded on the market.