PlusToken Strikes $67 Million to Unknown Pockets, Signalling a Potential EOS Dump

A pockets related to alleged crypto Ponzi scheme PlusToken has moved 26,316,339 EOS tokens (value over $67 million as of press time) to an anonymous crypto wallet created lower than 24 hours in the past. The transaction was spotted by monitoring service Whale Alert earlier right this moment.

PlusToken is believed to be one of many largest scams within the cryptocurrency historical past, because it reportedly held nearly $three billion value of belongings together with Bitcoin (BTC), Ethereum (ETH) and EOS when it went bust in June final yr.

Launched in Might 2018, PlusToken acted as a crypto pockets service and funding program promising excessive month-to-month returns. It was primarily marketed in China and South Korea.

In July 2019, six Chinese language nationals were arrested in Vanuatu and extradited to China as a part of the investigation relating to PlusToken. On the time, PlusToken claimed that the arrested people had been common customers and never the corporate’s co-founders.

Subsequent month, PlusToken reportedly began to maneuver its funds to exchanges in an obvious try to money out.

The rip-off wasn’t extensively mentioned within the Western crypto group till August 2019, when blockchain analytics agency Ciphertrace reported on the suspicious venture. In accordance with Ciphertrace, PlusToken netted around $2.9 billion from some three million individuals.

Suspicious market strikes

As observed by Cointelegraph, comparable actions up to now from wallets related to PlusToken have been adopted by suspected large open market gross sales on cryptocurrency exchanges. In flip, this led to noticeable spikes in BTC, ETH and altcoin costs.

In November 2019, pseudonymous crypto researcher Ergo suggested {that a} main market selloff was probably pushed by the PlusToken scammers liquidating 200,000 BTC on the open market. Equally, analysis agency Chainalysis suggested in its December 2019 report that PlusToken scammers could also be utilizing over-the-counter (OTC) off-ramps to promote BTC, driving down the worth.

Nevertheless, EOS stays unshaken as of press time. It presently trades round $2.56, up 1.26% on the day.

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