A large transaction has been shown on the market and many people think it is linked to the PlusToken scam. 12,000 BTC (118,852,619 USD) was moved from a wallet linked to the scam.
Whalealert, a crypto transaction bot and a sort of watchdog for the industry reported on Twitter that this huge transaction had happened. A while later a second transaction split up 12,000 BTC into smaller amounts.
Other analysts have said that a total of 12,423 BTC ($123 million) was moved to numerous cold wallet addresses. Others have worried that the group is covertly splitting up the funds, making it much more hard to track.
Ponzi Scheme, PlusToken took millions from its unsuspecting victims and left many in China and other parts of Asia out of pocket. The scam initially paraded as a South Korean exchange which promised huge returns on investment. However, last year the scam was revealed as the investor’s money was taken.
The main brains behind the scam, which used foreigners to front the brand, were quickly arrested on a south sea island as they planned their escape. Yet, it would seem that the whole operation has not been shut down. Asia Crypto Today has made a full guide on the PlusToken scam, you can read that here.
This is not the first instance of suspected stolen finds being moved. A major market sell-off was attributed to the Plustoken scam as 200,000 BTC were liquidated. Many believe this sell-off caused the big downtrend in Bitcoin price last year. Now with the opportune market trend, perhaps the PlusToken scammers will profit and cause another slump.
Pointing out the effects of the PlusToken scam and the movements of the funds, Twitter user Ergo said in November:
“If my numbers are correct, the 200k BTC estimates reported earlier this year were correct, and market impacts will continue for some time.”
Clearly, the PlusToekn scam is something the wider community should be wary of. Scams have never been more profitable, with criminals using the industry more and more for their nefarious activities.