Plus Token wallets moved $63.1M ETH after three years of inactivity.
Dormant funds, once held in Bidesk, were partially transferred to Huobi.
The move could cause market panic; ETH is currently valued at $2,379.35.
In a dramatic development, cryptocurrency wallets linked to the notorious Plus Token Ponzi scheme have moved a staggering $63.1 million worth of Ethereum (ETH) after more than three years of dormancy.
The sudden shift of assets, which amounts to 25,757 ETH, has sparked concerns about potential market volatility.
Wallets were last active in 2021
According to on-chain data analyst EmberCN, the dormant wallets associated with the Plus Token Ponzi scheme were last active in April 2021.
On-chain data shows that the Plus Token Ponzi scheme orchestrators had moved 789,534 ETH, previously held in a “Plus Token Ponzi 2” wallet, to the Bidesk exchange through multiple addresses between June and September 2021. However, the Bidesk exchange went bankrupt at the end of 2021, and forcing the tokens to be transferred to Huobi.
Most of the 789,534 ETH tokens were sold in 2021, leaving a small part unsold. Part of the remaining tokens is what has been moved over the past two days. In total about 12 addresses have received 25,757 Plus Token-related ETH worth about $63.1 million over the past two days.
Part of these ETH were not transferred to Bidesk in 2021; part were withdrawn from Bidesk but not transferred to Huobi.
This significant movement of funds follows the scheme’s collapse and subsequent crackdown by Chinese authorities, who seized a vast array of crypto assets.
Plus Token Ponzi scheme crackdown
During the crackdown, Chinese officials confiscated approximately $4.2 billion worth of assets, including 194,775 Bitcoin (BTC), 833,083 ETH, 497 million Ripple (XRP), and 6 billion Dogecoin (DOGE), among others.
The value of these assets has surged to approximately $13.5 billion, reflecting current market prices.
The reactivation of the Plus Token Ponzi scheme-linked wallets and the potential for a future sell-off could trigger significant panic within the cryptocurrency market.
As of the latest updates, ETH’s price stands at around $2,379.35, with minimal fluctuation observed so far.
However, market observers are closely watching the situation to gauge the potential impact on Ethereum and broader crypto assets.
