As a seasoned crypto investor with over a decade of experience in this wild, rollercoaster ride of digital assets, I have seen my fair share of market manipulations and unexpected events. The recent news about the PlusToken scheme reawakening and potentially selling off its remaining ETH stash is something that has caught my attention.
On October 10th, the cryptocurrency analyst known as ‘FreeSamourai’ informed approximately 7,000 of his followers that around 7,000 Ether (ETH) out of the remaining 542,000 ETH from the PlusToken seizures were transferred to various exchanges.
They declared their intention to start off with the sale of the remaining tokens, however, whether or not this will happen is still uncertain, as there hasn’t been a significant sale spree so far.
The remaining stash of ETH from the seizure is valued at a whopping $1.3 billion and would put substantial downward pressure on spot markets if it hasn’t already been sold off.
Back in early August, the leftovers of the ETH that were taken from the massive PlusToken scam stirred to life on the blockchain for the first time since 2021.
In the past day, approximately 7,000 ETH (worth around $1.3 billion) out of the total 542,000 ETH has been transferred to exchanges, suggesting a potential plan to sell off the remaining tokens.
— ∴FreeSamourai∴ (@ErgoBTC) October 9, 2024
What Was PlusToken?
In February 2018, PlusToken presented its blueprint (white paper) as a South Korean digital currency exchange and wallet service provider, promising high-interest accounts to users. However, it was later exposed as a massive Ponzi scheme that collapsed in mid-2019. At the time of its shutdown, it had accumulated approximately 194,000 Bitcoins and 830,000 Ethereum.
By December 31, 2020, Chinese law enforcement agencies confiscated crypto assets valued at approximately $4.2 billion from over 100 individuals implicated in scams. According to court records, these seized assets were handed over to Beijing Zhifan Technology Co. for liquidation into cash, with the earnings intended to be used as compensation.
According to the research findings, most of the Bitcoin has likely been offloaded. Notably, the researcher also mentioned that a significant amount of Ethereum was transferred to an exchange called Bidesk, which is not widely recognized, leading to speculation that it may have been sold.
At the start of August, Lookonchain, a blockchain analysis service, asserted that wallets connected to PlusToken were moving approximately 790,000 Ether. However, this claim was contradicted by EmberCN, a Chinese blockchain analysis account, who reported in the past that most of the Ether had already been sold off in the year 2021.
There were no recent updates on the EmberCN account regarding these latest ETH movements.
ETH Price Outlook
It seems that Ethereum’s value dropped once more today, adding to the uncertainty and downward trend. At the moment of this writing, it has dipped by approximately 2%, sinking below $2,400.
For over two months now, Ethereum has been moving within a range without managing to surpass the resistance level of $2,700, yet it continues to stay above the support level of $2,200.
If current selling trends continue, the price might swiftly revert to this point due to the fact that the overall cryptocurrency market is experiencing a decline once more.
Nevertheless, it’s uncertain if the PlusToken ETH represents another sudden surge in supply, but this concept has sparked excitement among Bitcoin supporters.
As an Analyst, I’ve observed some notable transactions and trends within the Ethereum (ETH) market:
— RunnerXBT (@RunnerXBT) October 9, 2024
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2024-10-10 08:55