In a significant turn of events, wallets associated with the infamous Plus Token Ponzi scheme have shifted $63.1 million worth of Ethereum (ETH) after over three years of dormancy. This movement, involving 25,757 ETH, has sparked concerns about potential market volatility.
The wallets, last active in April 2021, were linked to a scheme that previously moved 789,534 ETH to the now-defunct Bidesk exchange. With Bidesk going bankrupt in late 2021, a portion of these funds was transferred to Huobi, although most were sold off that year. The recently transferred ETH represents a fraction of the unsold tokens.
According to on-chain data from EmberCN, the funds were spread across 12 addresses over the past two days. The reactivation of these wallets, following the Chinese government’s 2021 crackdown, could lead to market panic if a sell-off occurs. During the crackdown, authorities confiscated over $4.2 billion in assets, including significant amounts of Bitcoin, ETH, Ripple, and Dogecoin—now valued at around $13.5 billion at current prices.
Ethereum, currently valued at $2,379.35, has shown minimal price fluctuation so far, but traders remain cautious as they monitor the situation for further developments.
