Published on augustus 11, 2024, 12:28 am
Image source: Fox News
```json [ { "TLDR": "A recent report suggesting that Plus Token moved $2 billion in ETH was discredited as most of the ETH had already been liquidated in 2021. EmberCN revealed only $63.1 million worth of ETH were transferred recently, contradicting initial claims. Plus Token was involved in a major crypto Ponzi scheme, leading to significant investor losses and legal actions." } ] ```
Lookonchain recently reported that Plus Token had initiated the movement of almost $2 billion in ETH; however, it appears that a significant portion of this amount had already been liquidated in 2021. This insight sheds light on a key moment in the history of cryptocurrency.
Independent analysts have discredited a recent social media post alleging that numerous dormant wallets associated with the multi-billion dollar crypto scam, Token Plus, had commenced transferring close to $2 billion worth of Ether. Initially, Lookonchain stated in a now-deleted post on August 6 that wallets connected to TokenPlus were shifting around 789,533 ETH, equivalent to $1.8 billion based on current market prices.
Subsequent investigations conducted by Chinese crypto data entity EmberCN suggest that Lookonchain’s original assertion was inaccurate. EmberCN revealed that most of the ETH mentioned had already been traded off in 2021. According to EmberCN’s findings shared on August 7, the majority of the 789,500 ETH referred to by Lookonchain had been sent to Bidesk, a crypto exchange based in the British Virgin Islands, between June and September 2021. In reality, only about 25,757 ETH valued at $63.1 million were actually transferred over the last 24 hours across approximately 12 addresses associated with Plus Token.
Following these developments, Lookonchain deleted its initial post and is yet to issue an official clarification or retraction regarding its original information dissemination. Additionally, blockchain analytics platform Arkham Intelligence made its observations concerning the movement of ETH linked to PlusToken wallets. They noted that around $464.7 million worth of ETH was transacted by these wallets within a day.
It is noteworthy that Plus Token operated as a Chinese crypto wallet application from 2018 to 2019 and has since become synonymous with one of the largest alleged crypto Ponzi schemes ever uncovered. Investigations into this scheme revealed investor losses reaching up to $2.9 billion. Notably, authorities detained six individuals involved in the Plus Token project back in July 2019 and brought them back to mainland China for legal proceedings.
As new details surface regarding these significant cryptocurrency movements and fraudulent activities tied to Plus Token emerge, it underscores the importance of vigilance and due diligence within the digital asset space to protect investors from such schemes.
Original article posted by Fox News
