PlusToken Scam’s $180M Worth of Ethereum Is On the Move

Over $180 million worth of Ethereum has been moved from a previously dormant wallet belonging to the perpetrators of the PlusToken scam.

PlusToken was a Ponzi scheme that operated mainly in Korea and China in 2018 and 2019. The scammers managed to siphon over $3 billion from naive investors before the project was shut down in June 2019.

$180M Worth of Ethereum On the Move

The movement of 789,534 ETH from the Plus Token scam wallet was announced on Wednesday, June 24, by cryptocurrency monitoring resource, Whale Alert.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 789,534 #ETH (187,847,558 USD) transferred from PlusToken to unknown wallet

Tx: https://t.co/z2jqlfZ21h

— Whale Alert (@whale_alert) June 24, 2020

The Ethereum haul is worth $187,847,550 at the time of writing, and this is the first time it has been moved in over six months. The ETH was transferred from a wallet marked “PlusToken1” to one marked “PlusToken2” in December of 2019, as reported by CryptoPotato at the time.

Many observers in the cryptocurrency space braced themselves for a significant Ethereum price dump. However, the coins then lay dormant for another 188 days, according to Etherscan.

The number of Ethereum in the wallet was slightly greater today than it was in December, thanks to the actions of cryptocurrency beggars. Users continually sent small fractions of ETH to the scam address, in the hope that the criminals would share some of their ill-gotten gains. The comments left on the Etherscan address page, seen below, are typical of crypto beggars.

ETH Gets Split Into Dozens of Wallets

After being moved from the “PlusToken2” wallet, the 789,534 ETH was moved to yet another address, before being split up into 25 different addresses. Those transactions are still pending at the time of writing, and their ETH values range from between 109 ETH and 8,758 ETH, as seen below.

So far, none of the Ethereum has made it to exchanges. However, that could change soon, depending on where those pending transactions end up. Stolen Bitcoin and EOS from the PlusToken scam have already been moved at various points in the past three months, as reported previously by CryptoPotato.

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