Long-Dormant Wallets Tied to $4B PlusToken China Ponzi Moves 2.8K Ether

In November 2020, Chinese authorities seized almost $4 billion worth of various tokens.

Months after Chinese authorities seized nearly $4 billion in various tokens from the PlusToken Ponzi scheme,の一部 funds started moving thousands of ether (ETH) on Wednesday, sparking speculation about more sell pressure among crypto market participants on X.

On-chain data shows over 2,800 ETH from various wallets linked to the seized wallet were today placed in a single wallet “0xf46847fa42fd9dd52737f3d25b8659cceba80eeb.”

CoinDesk verified the wallet movements using the on-chain tool Arkham. The ether in the previously dormant wallets was traced back to a wallet that seized $2 billion worth of ETH in 2020.

“Hundreds of wallets that have been dormant for 3.3 years are moving large amounts of $ETH, possibly 789,533 $ETH($2B),” on-chain tracking firm LookonChain said in an X post. “We found that these funds came from the wallet "Plus Token Ponzi 2.”

In November 2020, Chinese authorities seized almost $4 billion worth of various tokens, including ETH, bitcoin (BTC), dogecoin (DOGE), xrp (XRP), among others, from operators of the PlusToken Ponzi scheme, months after its 27 alleged masterminds were arrested.

The Ponzi was said to have grown to over 3,000 layers at the time, having fleeced more than 2 million investors using cryptocurrencies as a funding channel.

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