Skip to content

PlusToken scam: $105M moved in Ethereum

  • 2 min read
  • Latest

PlusToken scam that allegedly netted over 2 billion dollars from unsuspecting investors has once again moved its digital asset as reported by Whale Alert.

PlusToken scam liquidating assets once again

Whale Alert noted that nearly 790,000 Ethereum coins were transferred from PlusToken to an unknown wallet. The amount worth over 105 million dollars was reported by Whale Alert on Twitter notifying all of its followers. The periodic movement of tokens from the PlusToken scam is also considered as one of the factors that lead to Bitcoin bears. The recent move has caused Ethereum investors to worry as the same thing might happen to them.

People are already expecting a dump to occur as the news seems to have spread across social media. The tweet by Whale Alert saw feedback by some not-so-optimistic traders who immediately replied that a ‘dump’ was coming.

Previously PlusToken has been liquidating its Bitcoin holdings causing the momentum of buyers to stutter. This pressure from sellers caused the price of Bitcoin to go into depression and it continued to decline for a prolonged period of time. Various statistical reports made the connection between PlusToken scam’s selloff and the decline in Bitcoin’s price. Currently, the asset’s price is trading around 7200 dollars after rising back from below the $7000 mark.

Reportedly, PlusToken has liquidated its funds across over-the-counter (OTC) markets who sold these assets through exchanges. Till now the scam has laundered over 180,000 BTC and over one million dollars through Ethereum.

The funds moved this time are still on the address and have not been split. It is believed that the address is owned by one of the individuals behind the scam.