7,000 of the 542,000 ETH seized in the PlusToken scam have been sent to exchanges! 🎢 This suggests that the remaining tokens may be starting to be sold, but a major sale has not yet occurred.

This massive $1.3 billion ETH stockpile could put serious pressure on spot markets. In August, this was the first time since 2021 that ETH had moved on-chain.

The ETH price fell 2% today to below $2,400. Further selling pressure could quickly push the price back to $2,200.