Hundreds of Dormant Crypto Wallets That Last Transacted in 2021 Suddenly Transfer Huge Amounts of Ethereum Tokens

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Hundreds of crypto wallets that last transacted in 2021 have woken up from their slumber, moving large amounts of Ethereum (ETH) tokens, according to Lookonchain, a platform that tracks the movement of ETH tokens.

After being dormant for 3.3 years, these wallets are now making headlines as they shift significant amounts of ETH amid sell pressure triggered by Jump Trading, a major trading firm.

On August 7, Lookonchain reported that these wallets, which are linked to the ‘Plus Token Ponzi’ scheme of 2020, now hold a total of 789,533 ETH. At the current price of Ethereum, these tokens are valued at approximately $2 billion.

“We noticed that hundreds of dormant addresses were transferring ETH. Through on-chain tracking, we found that these funds came from the wallet “Plus Token Ponzi 2”,” Lookonchain posted on Twitter.

Hundreds of wallets that have been dormant for 3.3 years are moving large amounts of $ETH, possibly 789,533 $ETH($2B)!

We noticed that hundreds of dormant addresses were transferring ETH. Through on-chain tracking, we found that these funds came from the wallet "Plus Token… pic.twitter.com/QGKJknJEns

Chinese authorities seized the ETH tokens in question during a large-scale crypto crackdown that followed the Plus Token Ponzi scheme, which allegedly defrauded over 2 million people.

The Ponzi scheme began operating in 2018, luring investors with a fake crypto assets trading platform. Chinese police ultimately seized a total of 194,775 BTC, 833,083 ETH, 487 million XRP, 1.4 million LTC, 27.6 million EOS, 79,581 BCH, 74,167 DASH, 6 billion DOGE, and 213,724 USDT.

The total value of the seized crypto assets amounted to over $4.2 billion at the time. However, with the significant price increases in Bitcoin and other cryptocurrencies since then, the ETH alone is now valued at over $2 billion.

If the seizing authorities decide to sell the remaining assets, it could exert substantial downward pressure on the crypto market. Notably, the Bitcoin haul is currently valued at over $11 billion, while XRP stands at more than $252 million. Bitcoin Cash, Litecoin, and Dogecoin are also valued at over $25 million, $82 million, and $609 million, respectively.

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