Long-Dormant Wallets Tied to $2B PlusToken China Ponzi Moves 2.8K Ether

As a seasoned analyst with over two decades of experience in the financial industry and a keen interest in the digital asset market, I find myself constantly monitoring trends and potential threats to the ecosystem. The recent movement of funds linked to the PlusToken Ponzi scheme raises significant concerns about potential sell pressure on the crypto markets.Approximately hundreds of digital wallets connected to assets confiscated from the PlusToken Ponzi scheme, which totaled $4.2 billion, began transferring large amounts of Ether (ETH) on Wednesday. This activity has sparked discussion among cryptocurrency market participants about potential upcoming selling pressure related to X.

Data on the blockchain indicates that approximately 2,800 ETH from multiple wallets, previously associated with a seized wallet, have been moved today to a new wallet identified as “0xf46847fa42fd9dd52737f3d25b8659cceba80eeb.”

According to CoinDesk, they tracked transactions from the previously inactive wallets using the on-chain analysis tool Arkham. This led them to discover that the ether in these wallets was linked to a wallet which had amassed approximately $2 billion worth of ETH back in 2020.

As a crypto investor, I recently came across some intriguing news – over 300 wallets that had been inactive for nearly 4 years are now transferring substantial amounts of Ether (ETH), estimated to be around 789,533 ETH ($2B) according to the on-chain tracking firm LookonChain. In a recent post, they revealed that these funds appear to have originated from the wallet “Plus Token Ponzi 2.” This development is certainly capturing attention in the crypto community as we follow the movement of these significant funds.

In November 2020, Chinese officials confiscated approximately $4 billion in assorted digital tokens such as ETH, Bitcoin (BTC), Dogecoin (DOGE), XRP (XRP), and more, from the operators of the PlusToken Ponzi scheme. This action followed the arrests of its 27 alleged leaders, which had taken place several months prior.