Ethereum (ETH) Dips 2% as Hundreds of Wallets Linked to 2020 PlusToken Ponzi Scheme Start Moving $2B Worth of Tokens

PlusToken was a multi-billion-dollar Ponzi scam dismantled by Chinese law enforcement in 2020.

Multiple wallets began transferring 2,800 tokens on Wednesday, Aug. 7, an event that might put sell pressure on Ethereum (ETH) after a recent 25% sell-off.

Several wallets started moving around 2,800 tokens worth almost $2 billion in Ethereum (ETH) linked to the 2020 PlusToken Ponzi scheme in China.

After several wallets began transferring funds from a 789,533 Ether chest, Ethereum (ETH) dipped around 2% early on Wednesday. According to Etherscan, the addresses were last active for over three years and last received assets from a wallet tagged “Plus Token Ponzi 2” in April 2021.

PlusToken was a multi-billion-dollar Ponzi scam dismantled by Chinese law enforcement in 2020. Authorities seized cryptocurrencies currently worth $14 billion, including 194,775 Bitcoin (BTC) and 833,083 ETH, valued at $11.2 billion and $2.11 billion, respectively.

Chinese police also confiscated tens to hundreds of millions worth of Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), EOS (EOS), Dash (DASH), Dogecoin (DOGE), and Tether (USDT).

A lower district court in Yancheng, China, convicted 15 individuals over the case that reportedly impacted 2 million investors.

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