The PlusToken saga continues as $100 worth of Ethereum was taken out of the PlusToken wallet as we are reading further in the upcoming ETH news.
The officials of the platform were arrested a few months ago but the recent reports show that more than $100 million worth of Ethereum was transferred from the company’s wallet to an unknown one, leading the PlusToken saga in another direction. The popular crypto monitoring resource Whale Alert caught a large transaction of 789,525 ETH worth over $105 million at the time and it even originated from PlusToken’s wallet.
The transaction happened today but the address of the recipient is still unknown. About six members from the initial team have been arrested and the community speculates that at least one is still at large and has access to the funds. PlusToken was a crypto wallet that was able to generate high rates of returns to its users and all they had to do is purchase the token with Bitcoin and Ethereum so the returns could be generated by ‘’exchange profit, mining income, and referral benefits.’’
Even though this could sound fishy at first, Plustoken became extremely popular in China and was listed on a few exchanges in the country as well. It reached a price of $350 per token before dropping down as the community noticed the irregularities and authorities started kicking on its doors. Beijing claimed that the platform is an illegal Ponzi Scheme and the Chinese law enforcement arrested six people and deported all of them to mainland China.
According to Chainalysis report tracked at 800,000 ETH and 45,000 BTC transferred from the PlusToken official wallet to the scammers’ own addresses that were meant to be laundered. It also says that more than 790,000 ETH were untouched in other wallets which could represent today’s major transaction.
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The crypto market lost about $12 billion of its market cap after it was hit with a few consecutive days of negative price movements.
Bitcoin touched the $6,400 while Ethereum went below $120 and Litecoin to $35. The same report was released a few hours before the drop in price began and it shows that the liquidation of this amount of cryptocurrency could be the reason behind the drop. The scammers cashed out about $185 million worth of digital assets using the OTC brokers and Chainalysis couldn’t confirm for sure whether the liquidation is to blame for the price decline.
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