A significant amount of Ether dormant in a wallet linked to the infamous “Plus Token Ponzi 2,” appears to be on the move.
According to a now-deleted report from blockchain analysis firm Lookonchain, hundreds of wallets that have been inactive for up to 3.3 years have recently started transferring approximately 789,533 ETH, which is worth nearly $2 billion at current prices.
The ETH in question was part of the assets seized by Chinese authorities in 2020 during their crackdown on the Plus Token Ponzi scheme. This scheme, which promised high returns on crypto investments, defrauded over 2 million individuals of more than $7.6 billion.
In the 2020 seizure, Chinese authorities confiscated approximately $4.2 billion worth of various cryptocurrencies which also inlcuded Bitcoin (195,000 BTC), XRP (487 million), Bitcoin Cash (80,000 BCH), Litecoin (1.4 million LTC), EOS (27.6 million), and Dogecoin (6 billion DOGE).
Following the seizure, the Ethereum was dispersed across thousands of wallets but had remained dormant since April 2021. This recent activity suggests potential forthcoming movements of other seized cryptocurrencies.
In related cryptocurrency news, the defunct Mt. Gox exchange has recently executed substantial transfers as part of its ongoing repayment process to creditors. On July 23, 2024, Mt. Gox transferred 2,239 Bitcoin (BTC), valued at approximately $149 million, to a Bitstamp wallet. This follows two earlier transactions totalling 42,587 BTC (about $2.84 billion) to separate addresses.
Notably, the exchange’s trustee began the distribution process on July 5, 2024.
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