Warning of Plustoke: Movements of $ 14 billion found in Ether
Warning of Plustoke: Movements of $ 14 billion found in Ether
A surprising development in the world of cryptocurrencies took place on August 7, 2024, as several wallets that were connected to the well-known Plustoken fraud were moving large quantities of ether (Eth). This movement pattern has attracted the attention of blockchain analysts and raises questions about the future treatment of the funds.
The background of the Plustoke fraud
Plustoke fraud, which began in May 2018, is one of the largest financial scandals in the crypto world. The platform promised users high returns for deposits from $ 500 in cryptocurrencies. Between April 2018 and June 2019, Plustoke managed to win more than 2.6 million members who invested a total of around 50 billion Yuan (approximately $ 7.6 billion). In September 2020, extensive investigations against 15 people of the fraud process were imposed in China, which ranged from fines of up to eleven years in prison. During this operation, the Chinese authorities confiscated an enormous assets of cryptocurrencies, which originally had a value of $ 4.2 billion in 2020 and is now estimated at over $ 14 billion.
movements of the closed funds
On the morning of August 7, 2024, the Lookonchain analysis platform can track significant transactions from the Wallet "Plustoke Ponzi 2", which previously distributed 789,533 ETH, with the equivalent of around $ 2 billion, to various addresses. Before the current transaction between June and September 2021, part of these funds was moved to the now inactive crypto exchange Bidesk and then to the Huobi platform. An analysis by EMBERCN showed that only 12 addresses have been received with plustoke in the last 30 hours, which made up a total of about $ 63.1 million.
market effects and the uncertainty of the funds
The latest movements had noticeable effects on the cryptocurrency market. According to Arkham, a $ 464.7 million of Wallets, which are linked to Plustoke, were transferred within just 12 hours. This sudden movement led to a decline in the Ether Prize by 2 % to $ 2,474. Other digital currencies also experienced similar declines as a result of these events. The exact motive for the transfers remains unclear, and it is speculated whether the funds are still under the control of the Chinese authorities. The authorities had confirmed in 2020 that the funds should be "pursued in accordance with the law" and the state budget should be brought up, but without providing further details about dealing with the confiscated means.
conclusion
The sudden movements of the funds associated with one of the greatest fraud cases in crypto history could have far-reaching consequences. The uncertainty about the future treatment of the confiscated means and the associated market reactions are important for both investors and analysts. It remains to be seen how the situation will develop and what measures the authorities will take to restore trust in the crypto market.